ISSDA hails duty on flat steel imports from china
PTI reported that India’s apex stainless steel industry body Indian Stainless Steel Development Association has pleased Finance Ministry’s decision to impose countervailing duty (CVD) on imports of certain flat steel products from China saying that it will not only help domestic players to recover the losses but also create jobs.
ISSDA president Mr KK Pahuja said “Due to the subsidized imports from China, the domestic players were facing huge losses. Some even had to shut down their business. This would have a big relief to the domestic players as the released the actual steel market market and the as a result industry was incurring huge financial losses.
Mr Pahuja added that the CVD investigation was initiated on April 12, 2016 by the DGAD in response to a surge in subsidized imports of stainless steel flat products from China.
Jindal Stainless Ltd and Jindal Stainless (Hisar) Ltd on behalf of the domestic industry had filed the petition for initiation of anti-subsidy / countervailing duty ramifications for flat rolled products of stainless steel from China.