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Indian Government eases Dumping duty on some stainless steel.

Posted on : 20 Dec, 2009

 

The Indian government has relaxed anti-dumping duty on classifications of cold-rolled stainless steel below 600 mm and above 1,250 mm thickness, as these are currently not manufactured in the country.

 

This comes after the government’s April 2009 decision to impose a duty across all stainless steel categories and affected imports from China (the largest exporter), US and Europe. Duties ranged between $12.74 per tonne and $2,200 per tonne.

 

The news has been met with relief by Indian importers, many of whom are reliant on steel grades not manufactured locally for consumer goods and construction.

 

JSL Limited, which controls 70% of the Indian domestic market for stainless steel, climbed up 3.43% and closed at Rs 114.60 per share on the BSE on the day of the announcement.  Analysts believe the move will not harm JSL Limited since they have never produced those grades. Since duty remains on the grades of steel they produce, the company will continue to gain.

 

Mr. R K Goyal, JSL Limited (Jindal Stainless)’s Commercial Director is on the agenda as a key speaker at the 3rd Stainless Steel & Special Steel Trade Summit in Dubai on 2-3 Feb 2009. Mr. Goyal’s session will address the Dynamics of India’s Stainless Steel Markets and JSL Limited’s strategies for surviving the Crisis.

 

Those keen on participating in the 3rd Stainless Steel & Special Steel Trade Summit can register online. >>Click here for access to the registration Page<<