India has imposed an anti-dumping duty of USD 121.55 per tonne on imports of hot rolled flat steel products from Vietnam for a period of five years, in a bid to shield domestic producers from low-priced imports.
The Finance Ministry announced the measure on Thursday following a recommendation by the Directorate General of Trade Remedies (DGTR).
The decision comes at a time when domestic steel prices hit a five-year low in October, pressured by rising import volumes and global market volatility.
Industry representatives have welcomed the move, calling it essential to curb unfair trade practices.
Tata Steel welcomed the government’s decision to impose anti-dumping duty on specific steel products from Vietnam, calling it a positive step for the domestic industry, as it will help curb unfair imports into the country.
Speaking to PTI, Tata Steel CEO & MD T V Narendran said “Vietnam and some of the other countries were being used as a transit point to route the material into the Indian market.”
The Indian Steel Association (ISA) on Thursday said that imposing an anti-dumping duty on imports of hot rolled steel coils from Vietnam is a crucial move to safeguard the domestic industry.
“The imposition of an anti-dumping duty on imports of hot rolled steel coils from Vietnam is a timely and much-needed step for the domestic steel industry,” ISA President Naveen Jindal said.
The measure is expected to stabilise the domestic market and ensure a more level playing field for Indian steelmakers facing increased competitive pressures from imported products.