The Central Board of Indirect Taxes and Customs (CBIC) notified the revocation of anti-dumping duty on various steel products.
Firstly, the government announced in its annual budget that it would revoke anti-dumping duties on imports of alloy-steel bars, rods and flat steel products coated or plated with aluminium or zinc until September 30, as part of the 2021-22 federal budget. The changes take effect from February 2, 2021.
Secondly, the Anti dumping duty has been revoked till September 30, 2021 on straight length bars and rods of alloy-steel, originating or exported from China, high speed steel of non-cobalt grade, originating or exported from Brazil, China and Germany.
Thirdly, the Anti dumping duty has been revoked till September 30, 2021 flat rolled product of steel, plated or coated with alloy of aluminium or zinc, originating or exported from China, Vietnam and Korea.
Fourthly, the Anti dumping duty has been revoked till September 30, 2021Certain Hot Rolled and Cold Rolled Stainless Steel Flat Products, originating or exported from China.
“MSMEs and other user industries have been severely hit by a recent sharp rise in iron and steel prices. Therefore, we are reducing Customs duty uniformly to 7.5% on semis, flat, and long products of non-alloy, alloy, and stainless steels,” said finance minister Nirmala Sitharaman during her budget speech.
The Finance minister further added, “to provide relief to metal re-cyclers, mostly MSMEs, I am exempting duty on steel scrap for a period up to 31st March, 2022. Further, I am also revoking ADD and CVD on certain steel products. Also, to provide relief to copper recyclers, I am reducing duty on copper scrap from 5% to 2.5%.”
Major stainless steel manufacturers opposed the suspension of anti-dumping duties citing risks of cheap Chinese imports flooding local markets.
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