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India suspends anti-dumping duties on some Chinese steel products

Posted:2021-02-03 10:53:28

India officially announced on February 1 that it would suspend the anti-dumping duties on some Chinese steel products from February 2. The directive is valid until September 30.

Nirmala sitharaman, India's finance minister, pointed out that in December last year, India's steel prices soared by 25% on a month on month basis. Small, medium and micro enterprises had to buy local steel at a high price, but this would further push up costs and severely hit their performance. If China's steel does not have to pay more taxes and the price falls, local small, medium and micro enterprises will not have to be forced to buy high price steel.

Therefore, India's temporary cancellation of anti-dumping duties on some steel products from China will help local small and medium-sized enterprises tide over the difficulties. Data show that India's small, medium and micro enterprises contribute more than 30% of the manufacturing capacity, driving more than 45% of the country's commodity export market. If these enterprises take the lead to fall, it will have a negative impact on the Indian economy.