India imposes duty on Chinese flat steel for five years

New Delhi, Sept 9 (KNN) Eyeing at protecting the domestic market, the Directorate General of Anti-Dumping and Allied Duties (DGAD) has announced countervailing duty (CVD) for a period of five years on certain Chinese flat steel products.

Ministry of Finance in a notification informed that a total of 18.95 percent CVD has been imposed on imports of certain Stainless steel flat products from China for the next five years.

The decision to impose the duty by the finance ministry comes after the recommendation from DGAD.

Directorate General of Anti-Dumping and Allied Duties (DGAD) in its notification informed that despite sufficient demand in India, the domestic industry is being severely affected, due to the subsidised imports steel products from China.

Union Steel Minister Chaudhary Birender Singh in a press statement said the decision is aimed at helping the domestic market.

He further said that the move will help strengthen the Indian industry towards its target of 100 per cent quality both in safety and health of users. (KNN/DA)