The extension had been announced by the Central Board of Indirect Taxes and Customs (CBIC) through a notification dated December 3.
The duty was first imposed in 2015 and was under review by the Directorate General of Trade Remedies (DGTR) since September 2020. CBIC said in the notification that the extension had been granted after request from DGTR, which had undertaken a sunset review investigation on imports of certain stainless steel products imported from China, South Korea, European Union, South Africa, Taiwan, Thailand and USA.
Jindal Stainless Limited, Jindal Stainless (Hisar) Limited and Jindal Stainless Steelway Ltd had alleged the likelihood of continuation or recurrence of dumping of the cold-rolled flat products of stainless steel and consequent injury to the domestic industry, and requested for review and continuation of the anti-dumping duty, ET had reported in October.
The companies had claimed that China should be treated as a non-market economy.
China has been insisting that it be treated as a “market economy” and was till recently involved in a dispute at the World Trade Organization claiming the status, which would curb the ability of its trading partners to retaliate with higher duties over Chinese cheap imports and trade disputes.
In international trade parlance, dumping happens when a country or a firm exports an item at a price lower than the price of that product in its domestic market.
Dumping impacts price of products in the importing country and adversely affects margins and profits of manufacturing firms.