Another Anti-dumping Duty
The Ministry of Finance of India announced on August 8 that it decided to impose anti-dumping tariffs for six months on hot-rolled steel sheets imported from South Korea, China, Japan, Russia, Brazil and Indonesia. This announcement was made just three days after a similar statement by the U.S. government.
Among South Korean steelmakers, Hyundai Steel and POSCO are to face the tariffs. Specifically, the tariffs scheduled to be imposed are US$474 to US$557 per ton.
In the announcement, the Indian government explained that the hot-rolled steel sheet products imported from the six countries have prices lower than normal prices to have a negative effect on the steel industry of India.
In the meantime, the Department of Commerce of the United States decided on August 5 to impose an anti-dumping tariff of 3.89% and a countervailing duty of 57.04% on hot-rolled steel sheets exported by POSCO. Late last month, tariffs of up to 64.7% were imposed on cold-rolled steel sheets supplied by South Korean steelmakers, too.