DGTR Recommends Extension Of Anti-Subsidy Duty On Stainless Steel Imports
Date
6/25/2024 2:22:38 PM
(MENAFN- KNN India)
New Delhi, Jun 25 (KNN) The Directorate General of Trade Remedies (DGTR), an investigative arm of India's commerce ministry, has recommended the continuation of countervailing duties on welded stainless steel pipes and tubes imported from China and Vietnam.
This recommendation aims to protect domestic manufacturers from potentially injurious subsidised imports.
In a recent notification, the DGTR stated that cessation of the current countervailing duty could likely harm the domestic industry.
The directorate has proposed duties of up to 29.88 per cent on these products, though the final decision rests with the finance ministry.
The DGTR's investigation, initiated in July 2023 following an application from domestic producers, concluded that removing the anti-subsidy duty could lead to financial losses for Indian manufacturers.
The probe highlighted concerns about excess production capacity in China and declining domestic demand for stainless steel in the country, suggesting that Chinese producers might redirect exports to India if duties were lifted.
Originally imposed in September 2019, these duties are designed to counteract the effects of subsidised exports on the importing country's market.
Such measures, allowed under global trade norms, aim to provide a level playing field for domestic industries facing competition from subsidized imports.
The DGTR's recommendation comes as part of a sunset review of the existing anti-subsidy measures. The directorate emphasised the necessity of extending these duties to safeguard the interests of the domestic welded stainless steel pipe and tube industry.
This development underscores ongoing efforts to balance international trade relations with the protection of domestic manufacturing sectors.
The finance ministry's decision on this recommendation will be closely watched by industry stakeholders and international trade observers.
(KNN Bureau)
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