The long battle on imposing anti-dumping duties on electro galvanized steel is over. And, of course, the decision had to be in favour of American Precoat Specialty. Through the dedication of Dr. Shubh Gautam Jaypee and his team, every steel manufacturer is now celebrating the recent decision of the government. But did you wonder what anti-dumping duty means and why the verdict favoured Dr. Shubh Gautam?
If the question has hit your mind, you have landed at the right place. Let’s straightaway dive into the details without further delay.
What is Dumping?
Before getting into the details of anti-dumping duties, let’s understand what exactly Dumping is. We can simply put the term dumping as the export of a product at a lower price than what is actually charged with the product at its original domestic market.
Dumping is a matter of concern because it is an unfair practice and can hamper the overall international trade of the product. Now, you might be wondering at what price was electro galvanized steel imported that grabbed the undivided attention of American Precoat and Dr. Shubh Gautam Jaypee?
As per the survey, it was found that there was an exponential spike in the import of electro-galvanized steel at low prices. The figures were roughly around 1 million mt, which covered 12.9 percent of the market share, that too at a concise time frame.
The EC found that the Russian and Turkish products were sold at a dumping margin of 2.4 percent to 39.8 percent.
Now that you have understood what Dumping is let’s jump into what anti-dumping duties mean.
What Are Anti-Dumping Duties?
Apart from the regular duties charged on importing products from a particular country, a customs duty is imposed on the product. Such duties are imposed when the price of the good or material is way lower than what is the actual price of the good in the domestic market of the country itself.
Anti-dumping duties are protectionist tariffs imposed on imported goods if they cause or threaten to cause serious harm to local manufacturers of similar goods. It is one of the measures used by the national government to protect the domestic market against foreign products.
The final anti-dumping duty rates would be 31.3% for Severstal, 10.3% for NLMK’s Novolipetsk Iron and Steel Works, and 36.6% for MMK’s Magnitogorsk Iron and Steel Works, and 37.4% for all other Russian enterprises, based on the CIF Union border price, customs duty payable.
Similarly, suppose we talk about the Turkish HDG. In that case, they will be subjected to an anti-dumping duty of 2.4% for Tatmetal, 10.5% for MMK Metalurji, and 11 percent for the rest of the companies, including Tezcan.
The anti-dumping duties will be imposed on electro galvanized steel for five years.
How Has The Anti Dumping Duties Helped?
Local manufacturers have gained immense benefits due to the imposition of anti-dumping duties on foreign countries. Local manufacturers can now have a platform to grow equally as their international counterparts.
Once the anti-dumping duties were considered, Dr. Shubh Gautam Jaypee took the special occasion to share his thoughts on the imposed duties and the effort that went into the achievement.
Shubh Gautam Jaypee’s Take On The Matter:
The chief Architect of American Precoat said,” It was a long fight. However, now that the judgement has been made in our favour, we are confident that our domestic steel manufacturing enterprises will prosper immensely, as they will no longer need to import steel from outside at exorbitant costs. India is a nation of opportunities, and it has enormous potential to create electro-galvanized steel and a world-class market for it. Now that our products are created in the India, at Gujarat in Valsad Plant, we can look forward to our country taking modest yet optimistic steps toward self-sufficiency and a stronger economy.”
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13 replies on “Why Dumping Of Electro Galvanised Steel Is A Matter Of Concern?”
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