New Delhi: The government has imposed anti-dumping duty on imports of certain type of steel products from China, Vietnam and Korea for five years stating that the domestic industry has suffered material injury due to dumping of the goods from these countries.
"The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, amended or superseded earlier) from the date of imposition of the provisional anti-dumping duty, that is, October 15, 2019," the department of revenue said in a notification.
The ministry further said that it has recommended for imposition of definitive anti-dumping duty equal to the lesser of the margin of dumping and the margin of injury, so as to remove the injury to the domestic industry.
With a view to guard domestic manufacturers from cheap imports from these countries, the government has decided to impose anti-dumping duty in the range of USD 13.07 per tonne to USD 173.1 per tonne on imports of 'Flat rolled product of steel, plated or coated with alloy of Aluminium and Zinc' from these three countries.
The imposition of anti-dumping duty is permissible under the World Trade Organization (WTO) regime and is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers versus foreign producers and exporters.