Jindal Stainless Ltd (JSL), the foremost stainless steel manufacturer in India, is advocating for the re-imposition of countervailing duties on Chinese stainless steel imports. These imports are priced at least 19% lower than Indian counterparts, posing a significant threat to the domestic steel industry.In a letter addressed to the Revenue Secretary, Sanjay Malhotra, JSL emphasizes the need to safeguard Indian businesses from the surge in dumped and subsidized exports from China. The letter highlights that China has become the world's largest net exporter of stainless steel flat products, flooding international markets with excess supply.JSL points out that several countries, including Brazil, Malaysia, Mexico, South Korea, Taiwan, Thailand, the USA, Vietnam, and various European Union nations, have already imposed duties on Chinese stainless steel imports. These duties have been in effect since 2013, specifically targeting products such as cold-rolled coils and stainless steel strips.JSL is the second Indian company, following the Steel Authority of India Ltd (SAIL), to raise concerns about the impact of Chinese steel imports. According to the Directorate General of Trade Remedies (DGTR), Chinese imports into India have risen significantly since the suspension of countervailing duties in February 2021, reaching 44% on an annualized basis.The DGTR's investigation reveals that the 200 series of Chinese steel products, which are subject to scrutiny, are subsidized and have caused substantial injury to domestic players. JSL highlights that approximately 50% of imports in this product category were priced below the direct cost of the Indian industry, while one-third were even below the raw material costs in India.The impact on Indian steel manufacturers is severe, with JSL reporting a capacity utilization rate of only 77% due to production cutbacks caused by increased imports. The company cites instances of underutilized capacity and financial difficulties faced by industry players, further emphasizing the need for protective measures.
Jindal Stainless Ltd (JSL), the foremost stainless steel manufacturer in India, is advocating for the re-imposition of countervailing duties on Chinese stainless steel imports. These imports are priced at least 19% lower than Indian counterparts, posing a significant threat to the domestic steel industry.In a letter addressed to the Revenue Secretary, Sanjay Malhotra, JSL emphasizes the need to safeguard Indian businesses from the surge in dumped and subsidized exports from China. The letter highlights that China has become the world's largest net exporter of stainless steel flat products, flooding international markets with excess supply.JSL points out that several countries, including Brazil, Malaysia, Mexico, South Korea, Taiwan, Thailand, the USA, Vietnam, and various European Union nations, have already imposed duties on Chinese stainless steel imports. These duties have been in effect since 2013, specifically targeting products such as cold-rolled coils and stainless steel strips.JSL is the second Indian company, following the Steel Authority of India Ltd (SAIL), to raise concerns about the impact of Chinese steel imports. According to the Directorate General of Trade Remedies (DGTR), Chinese imports into India have risen significantly since the suspension of countervailing duties in February 2021, reaching 44% on an annualized basis.The DGTR's investigation reveals that the 200 series of Chinese steel products, which are subject to scrutiny, are subsidized and have caused substantial injury to domestic players. JSL highlights that approximately 50% of imports in this product category were priced below the direct cost of the Indian industry, while one-third were even below the raw material costs in India.The impact on Indian steel manufacturers is severe, with JSL reporting a capacity utilization rate of only 77% due to production cutbacks caused by increased imports. The company cites instances of underutilized capacity and financial difficulties faced by industry players, further emphasizing the need for protective measures.
