NEW DELHI: The imposition of countervailing duty on imports of stainless steel flat products will strengthen the ongoing efforts of Indian industry to move towards 100% quality regime for better safety and health of users.

This will provide a level-playing field to the industry to grow to its full potential after attaining 2nd largest rank in stainless steel production in world in 2016, steel minister Chaudhary Birender Singh said.

A notification issued by the finance ministry dated September 7, 2017, prescribes a total of 18.95% CVD on imports of Stainless steel flat products from China for the next five years.

Steel Secretary Aruna Sharma said, “This is the first case of imposition of CVD on any steel product in India. This would provide the much needed relief to the stainless steel industry from the subsidized imports from China.”

This was one among the many steps taken by the government to help the domestic stainless steel industry. Among the other steps were the imposition of the stainless Sseel quality control order (QCO) and other trade remedial measures.

The CVD investigations were initiated on 12th April 2016 by the Directorate General of Anti-Dumping and Allied Duties (DGAD) in response to a surge in subsidised imports of stainless steel flat products.

Source: By Sarita C Singh, ET Bureau