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Govt imposes anti-dumping duty on Chinese steel wire rods

 KalingaTV News Network

wire rodNew Delhi: In an effort to protect the interests of domestic traders, the Union government on Monday imposed anti-dumping duty on import of certain steel wire rods from China for five years,

The duty was imposed after the Commerce Ministry’s Directorate General of Anti-Dumping and Allied Duties (DGAD) recommended duty on such imports.

In its findings, the DGAD had concluded that wire rod of alloy or non-alloy steel has been exported to India at below the normal value due to which domestic industry has suffered.

These steel products are used in many sectors such as automotive components, railway, engineering and construction.

The Department of Revenue, in a notification, said that the anti-dumping duty imposed shall be effective for a period of five years from the date of its imposition and shall be payable in Indian currency.

Anti-dumping measures are taken to ensure fair trade and provide a level-playing field to the domestic industry.