India imposes anti-dumping duties on Chinese steel
Yeilding to the requests placed by domestic steel players, the government of India has imposed anti-dumping duties on certain varieties of steel originating from China. The duties range from US$44.89 to US$185.51 per tonne for the next 5 years.
This protectionist move comes post allegation of dumping by domestic player. The matter was invested by the Directorate General of Trade Remedies (DGTR), following which the revenue department imposed the duty.
Domestic steel companies including JSW Steel, Usha Martin, Sunflag Iron & Steel had filed an application for the initiation of a probe against cheap imports from China which were damaging the local industry. These companies had alleged that dumped imports of straight length bars and rods of alloy steel from China increased in absolute terms in the year 2016-17.
Among steel companies trading in the green on Friday were JSW Steel was at Rs. 363.10 per share, up by 0.39 per cent, SAIL was up by Rs. 65.45 per share, up by 0.23 per cent, Visa Steel was at Rs. 9.60 per share, up by 1.37 per cent and Jayaswal Neco was at Rs. 4.97 per share, up by 2.90 per cent. While the steel stock trading in red were Tata Steel at Rs. 553.60 per share, down by 0.19 per cent, Usha Martin at Rs. 27.15 per share, down by 2.86 per cent and Sunflag Iron & Steel at Rs. 57.60 per share, down by 3.03 per cent.
Meanwhile, the benchmark BSE Sensex closed at 34,315.63, down by 463.95 points or 1.33 per cent on Friday.