India imposes anti-dumping duty on steel products

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India imposed five-year anti-dumping duties on stainless steel

imports from China, the European Union and the United States on Friday, as the

government tries to help local companies suffering from cheaper imports.

The government said the duties on cold-rolled flat stainless steel products ranged

from 4.6% to 57.4%. Imports from South Korea, South Africa and Thailand will

also be taxed.

The move follows the government's introduction of a 20% import tax on some

steel products in September, which failed to contain losses for Indian steel

companies struggling to compete under large debts and high raw material costs.

Firms including the Steel Authority of India, JSW Steel and Essar Steel have in

recent months complained that surging imports are squeezing profitability.

"It's a welcome step because today what is hurting the Indian manufacturing sector

is dumping," said Seshagiri Rao, joint managing director at JSW Steel.

The Directorate General of Safeguards, a branch of the finance ministry that can

impose temporary import curbs, said on Tuesday it found prima facie evidence

that increases in imports "have caused or threatening to cause serious injury to

the domestic producers".

Indian trade minister Nirmala Sitharaman said New Delhi will lobby for the

freedom to raise tariffs temporarily to deal with import surges at upcoming World

Trade Organisation talks, which begin in Nairobi next week. Imports of iron and

steel declined slightly to $6.9 billion during April-October period in the current

financial year 2015/16 from $7.1 billion a year ago, Commerce and Industry

Ministry data shows.