NEW DELHI: The Indian government on Tuesday imposed a provisional antidumping duty on certain steel-product imports, hoping to protect local steelmakers. The duty is effective immediately and will apply to imports of hot-rolled steel from six countries, including China, Japan, Korea and Russia, according to an announcement by the finance ministry.
The interim tax will be the difference between the landed cost of imported steel products in India vis-à-vis a prescribed price range between $474 and $557 a ton fixed by the government. For example, if steel is imported at a price of $400, the minimum duty would be $74, bringing the final price to $474. The duties will be valid for a period of six months, the finance ministry said.
The tax is the latest attempt to check a surge in inexpensive steel imports. Top Indian steel companies, including the Steel Authority of India Ltd., JSW Steel Ltd. and Tata Steel Ltd. of India, have been lobbying for more protection.
