India to impose temporary anti-dumping duty on some steel products

Workers cut steel rods of a damaged construction metro pillar after it collapsed in Ahmedabad, India, July 26, 2016. REUTERS/Amit Dave/Files

An Indian government body has recommended provisional anti-dumping duty on imports of hot-rolled steel products, a government statement said on Tuesday, to reduce overseas purchases of the alloy and shield local mills.

The anti-dumping duty will come into effect after New Delhi formally notifies the tax.

The Directorate General of Anti Dumping recommended the duties on steel products from China, Japan, South Korea, Russia, Brazil and Indonesia, the statement said.

Indian steelmakers such as the Steel Authority of India (SAIL.NS) , JSW Steel (JSTL.NS) and Tata Steel (TISC.NS) had lobbied for protectionist measures to prevent cheap overseas purchases that were undercutting local mills and squeezing margins.

[source:- Reuters]