Business News | India Imposes Anti-dumping Duty on Chinese Steel for 5 Years
Get latest articles and stories on Business at LatestLY. India has imposed an anti-dumping duty on some Chinese steel for a period of another five years, according to an official gazette by the Ministry of Finance.
New Delhi [India], September 12 (ANI): India has imposed an anti-dumping duty on some Chinese steel for a period of another five years, according to an official gazette by the Ministry of Finance.
An anti-dumping duty of USD 613 per tonne has been imposed on flat-base steel wheels from China, according to a notification on Monday. Such duty on steel wheels was imposed in 2018 and now the ministry has recommended a continued imposition for another five years.
“The Indian industry does not gain any undue advantage on the extension of existing duties,” it said.
“The evidence of export price indicates that the Chinese exporters are exporting the goods to third countries at significant dumped and injurious prices,” the notification said, explaining the rationale behind the move.
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The notification added there is healthy competition in the Indian market and continuation of the duties would not deprive the domestic industry of any requirements.
Simply put, anti-dumping duties are taxes imposed on imported goods in order to compensate for the difference between their export price and their normal value, if dumping causes injury to producers of competing products in the importing country. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)