Commerce Ministry recommends continuation of CVD

The commerce ministry has recommended the continuation of an 18.95% countervailing duty (CVD ) on certain flat-rolled steel products imported from China for five years to guard domestic manufacturers against subsidised imports. The duty was recommended by the ministry’s investigation arm Directorate General of Trade Remedies (DGTR) after conducting a sunset review investigation on imports of ‘hot rolled and cold rolled stainless steel flat products’ imported from China.

Jindal Stainless Ltd and Jindal Stainless (Hisar) Ltd had jointly filed an application before the DGTR for initiation of this probe. They had sought the continuation of the countervailing duty on the imports, according to a notification of the directorate. According to the applicants, the expiry of the existing duty was likely to result in the continuation/recurrence of subsidised imports of these goods from China, and that impact the domestic industry.

The imports have increased to 3,43,893 (annualised) metric tonnes (MT) in April-September 2022, and 4,42,058 MT (annualised) in October-December 2022, thus showing a continuous increase. The directorate in its findings has concluded that the Chinese imports are undercutting the domestic prices and there is a likelihood of continuation of subsidisation on the products by China if the existing CVD was discontinued in the light of the surplus capacities maintained by the Chinese producers.

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