Indian Stainless Steel Development Association says that budget has opened the floodgates for imports of Chinese stainless steel with temporary revocation of anti dumping and countervailing duties, which is expected to hurt domestic manufacturers. ISSDA president Mr KK Pahuja said "This is a big unintentional gift to Chinese companies and will severely hit the domestic stainless steel industry, which has been in financial stress for more than a decade. This will not only hamper Indian production but will turn many MSME manufacturers into traders.”
Indian Finance Minister Ms Nirmala Seetaraman in her Budget speech announced reduction in custom duty on certain steel imports. She announced reduction in custom duty from 10% to 7.5% on import of long products of stainless and alloy steel and also 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.