Union Government imposes anti-dumping duty on imports of steel wire rods from China

Posted on:04 Nov 2016 18:19:29
Union Government imposes anti-dumping duty on imports of steel wire rods from China
04 November 2016 Current Affairs: The Union Government has imposed anti-dumping duty on imports of steel wire rods from China to protect domestic manufacturers from cheap in-bound shipments. In this regard, the Department of Revenue (DoR) has issued a notification mentioning that dumping duty has been imposed for six months.

Chinese imports were taken based on the recommendation of Directorate General of Anti-Dumping and Allied Duties (DGAD). DGAD in its investigation had found that steel wire rods were being exported by China below normal value and the domestic industry suffered material injury because of such cheap imports.

Wire rod of alloy or non-alloy steel finds applications in many sectors such as automotive components, fasteners, welding electrodes, binding wires for construction industry and armoured cables.

Anti-dumping duty is an import duty imposed by government on imported products which have prices less than their normal values or domestic price. Thus, it is protectionist and counter import measure used by a country under the multilateral World Trade Organisation (WTO) regime to protect its domestic producers and market from below-cost/cheap imports. It varies from product to product and from country to country. In India, anti-dumping duty to be levied is recommended by the Union Ministry of Commerce (i.e. by DGAD), while the Union Finance Ministry imposes it. So far, India has initiated maximum anti-dumping cases against “below-cost” imports from China.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs PDF

Current Affairs November 2017

19 NOVEMBER
NEWS
18 NOVEMBER
NEWS
17 NOVEMBER
NEWS
16 NOVEMBER
NEWS

Current Affairs October 2017

31 OCTOBER
NEWS
30 OCTOBER
NEWS
29 OCTOBER
NEWS
28 OCTOBER
NEWS

Current Affairs September 2017

30 SEPTEMBER
NEWS
28 SEPTEMBER
NEWS
27 SEPTEMBER
NEWS
26 SEPTEMBER
NEWS