Following complaints from industry players, the Standard Board of Safeguards asked National Manufacturing Competitiveness Council (NMCC) to study the impact of import of raw materials for stainless steel products from China.
NMCC is asked to study the impact of such imports on the competitiveness of the user industry of the product under consideration. The Board has also sought clarifications from DG for quantum of duty proposed to be imposed, total production of the product under consideration and whether scrap can be used for production of hot rolled steel.
The Directorate General of Safeguards recently received complaint from Jindal Stainless that increased imports of Hot Rolled Flat Products of Stainless Steel of 300 series from China was causing market disruption in India.
It is learnt that the Ministry of Finance has already started a probe into it apart from NMCC. The Board has also reportedly requested NMCC to carry out a study on sales invoices and examine their impact on the competitiveness of the user industry of the product under consideration.
DGS, under the Revenue Department, Ministry of Finance, has powers to investigate existence of market disruption to domestic industry due to increased imports and recommend safeguard duty.
The industry has requested for immediate imposition of safeguard duty a levy to protect a specific industry from an unexpected build up of imports on the shipments of the raw material from the neighboring country for four years.
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