Business Line reported that Chromeni Steels Pvt Ltd has welcomed the Budget proposals to rollback anti dumping and countervailing duties on imports of stainless steel products. Chromeni Steels Director Mr Pratik Shah said “We, at Chromeni Steels, welcome the proposed revocation of anti-dumping duty and countervailing duties on the imports of flat products from certain countries. This decision will benefit thousands of downstream MSMEs, who have been suffering for months due to rampant raw material price increases and irregularities in supply. The revocation of ADD and CVD would bring much needed balance to the stainless steel prices, which had been artificially going up by as much as 40% in past 6-8 months. Revoking these ADD and CVD will now create a level playing field for the entire stainless steel sector, including the end user industries.”
Mr Shah added that “Affordable barrier-free raw material will go a long way in protecting domestic downstream industry and saving thousands of jobs. Chromeni will now put its scaling up plan back on track and re-commit itself to catering to India’s rising stainless steel demand.”
Indian Finance Minister Ms Nirmala Seetaraman in her Budget speech announced revoking ADD & CVD on certain stainless steel products.
Countervailing duty is being temporarily revoked for the period commencing from 2.2.2021 till 30.09.2021, on imports of Certain Hot Rolled and Cold Rolled Stainless Steel Flat Products, originating in or exported from People's Republic of China, imposed vide notification No. 1/2017-Cus (CVD) dated 7.09.2017.
Provisional Countervailing duty is being revoked on imports Flat Products of Stainless Steel, originating in or exported from Indonesia, imposed vide notification No. 2/2020-Customs (CVD) dated 9.10.2020.
In Sunset Review, anti-dumping duty on Cold-Rolled Flat Products of Stainless Steel of width 600 mm to 1250 mm and above 1250 mm of non bonafide usage originating in or exported from People's Republic of China, Korea RP, European Union, South Africa, Taiwan, Thailand and United States of America has been discontinued upon expiry of the anti-dumping duty hitherto leviable vide notifications no. 61/2015-Customs (ADD) dated 11th December, 2015 and 52/2017-Customs (ADD) dated 24th October, 2017.
Chromeni Steels Pvt Ltd is a Chinese joint venture of Gujarat’s four business groups. Based in China’s Zhejiang province, Tsingshan Industries had formed a JV with a group of business houses from Gujarat including Sunrise Group, Suncity Group, JP Iscon Group and VD Group to set up a cold rolled coils plant at Mundra in Gujarat. Chromeni Steel has production capacity of around 1 million tonnes per annum of cold rolled coils and looks to set up additional one million tonnes by 2022, apart from four million tonnes per annum of hot rolled coils capacities by 2025.