India imposes anti-dumping duty on Chinese stainless steel tubes
Steel NewsDate: 20-04-2023 by: Ngoc Cam
Countries impose anti-dumping duties to guard businesses' interests and the domestic market against unfair competition from imported goods. India has imposed anti-dumping duties on stainless steel products from China, valid for five years, with the duty rate ranging from 114 USD to 3,081 USD/ton, depending on the manufacturer.
1. India: Increase anti-dumping duty on stainless steel imported from China
In September 2022, the Directorate General of Trade Remedies (DGTR) of the Ministry of Commerce recommended the imposition of anti-dumping duties on China's stainless steel after three major Indian steel producers, including Chandan Steel Ltd, Tubacex Prakash India Pvt Ltd, and Welspun Specialty Solutions Ltd complained about dumping and market manipulation by Chinese steel exporters.
Stainless steel seamless tubes and pipes are utilized in life, such as transporting liquids and gases or used in fields related to oil and gas, petrochemical, nuclear energy, thermal power, and atomic energy.
DGTR decided to impose definitive anti-dumping duties after the investigation, ranging from 114 USD to 3,081 USD/ton depending on the manufacturer and lasting five years unless revoked, superseded, or amended earlier.
Domestic steel companies like Venus Pipes and Ratnamani Metals and Tubes will benefit from India's decisive move, but importers must limit the supply of cheap, high-quality steel from abroad.
2. India: Canceled the order to impose anti-dumping duties on steel imported from Vietnam
Previously, on June 23, 2020, the Indian Ministry of Finance issued Decision 16/2020 - Custom (ADD) on imposing anti-dumping duty with a 5-year validity on some goods imported into India to protect domestic manufacturers from cheap imports.
Accordingly, the anti-dumping duty rate is applied to Vietnamese enterprises as follows: Ton Dong A is subject to the duty rate of 23.63 USD/ton, Hoa Sen Group is 46.87 USD/ton, Tay Nam Steel Company 48.96 USD /ton, Nam Kim Steel 81.3 USD/ton and other enterprises 173.1 USD/ton.
However, according to the latest report from the Trade Remedies Department of the Ministry of Industry and Trade, the Department has just received information that on February 1, 2022, the Indian Ministry of Finance issued Decision No. ADD) abolished the order to impose anti-dumping duties on zinc-aluminum alloy-coated steel products imported from Vietnam. With the advantage of a 0% anti-dumping duty rate, Vietnam's steel product exports to the Indian market are highly open.
In addition, now that India has signed FTA with ASEAN (AIFTA), Vietnam can request CO form AI certification in the AIFTA free trade agreement to help buyers enjoy preferential import special preferential duty rates under the contract.
3. India boosts imports of Vietnamese steel 2023
Statistics from the Joint Commission (JPC) of the Indian steel industry show that the amount of steel imported from Vietnam has increased in recent months; the primary cause of import price being much lower than the price of steel inland India.
Specifically, the price of imported HRC steel delivered at Mumbai port in February 2023 was 49,000 Rupees/ton, while the price of HRC steel at domestic brands was 59,000-60,000 Rupees/ton.
According to S&P Global Market, several steel companies in Mumbai said that the current price of imported HRC steel for delivery in Mumbai tends to increase to 58,500 Rupees/ton but is still lower than the price of 59,500 Rupees/ton that domestic manufacturers offer.
Notably, Vietnam became the 5th largest steel exporter to the Indian market with 0.286 million tons, four times higher than in 2021-2022. The main steel products imported from Vietnam are hot rolled coils/strips (0.177 million tons). This is a new item that India has never imported from Vietnam recently. In addition, most of India's current imports of galvanized steel and roofing sheets come from Vietnam.
Hopefully, the information about India imposing anti-dumping duty on stainless steel tube imports from China that MRS Steel shared has helped you to update more news about the steel import market. For all inquiries and the latest quotation of steel import from Vietnam to India, please contact MRS Steel via Whatsapp at +84 76 911 2358 for the most attentive support!