Updated By: LatestGKGS Desk
Centre imposes anti-dumping duty on imports of steel wire, rods from China
Centre imposes anti-dumping duty on imports of steel wire rods from China for a period of five years
The Union Finance Ministry has imposed anti-dumping duty on imports of steel wire rods from China for a period of five years.
The decision has been taken to Guard the interest of domestic players from cheap in-bound shipments.
The duty was imposed after the Commerce Ministry’s Directorate General of Anti-Dumping and Allied Duties (DGAD) recommended duty on such imports.
The DGAD had concluded that the wire rod of alloy or non-alloy steel has been exported to India Below the normal value due to which domestic industry has suffered the material injury in its finding.
India has already slapped anti-dumping duty on certain cold-rolled flat steel products from four-nation including China and South Korea.
According to the Department of Revenue, the anti-dumping duty imposed shall be effective for a period of five years from the date of its imposition and shall be payable in Indian currency.
The concerned steel products are used in many sectors such as automotive components, railway, engineering, and construction.
