While some of the anti-dumping duties have been revoked from February 2 to September this year, others will last till October.
The steel industry may have been left counting its losses after the Union Budget proposed to do away with anti-dumping duties on a host of steel products imported from China and other countries.
Bars and rods of alloy steel, high-speed steel and several cold-rolled stainless steel flat products have been exempted. While some of the anti-dumping duties have been revoked from February 2 to September this year, others will last till October.
“This is going to hurt the industry, including the stainless steel segment. The countervailing duty even on stainless steel from Indonesia has been taken off. This can damaging,” a senior executive from the steel industry said.
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Already, about a fourth of the stainless steel used in the country was imported, another executive said. “This will increase and imports could make up for as much as half of the industry,” the executive said.
The government has also proposed to reduce customs duty to 7.5 percent on imports of semi, flat and long products of non-alloy, alloy and stainless steel.
“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 percent on semis, flat, and long products of non-alloy, alloy, and stainless steels,” Finance Minister Nirmala Sitharaman said in her Budget speech.