Govt initiates anti-dumping probe into steel from Vietnam

India has launched an anti-dumping probe into imports of hot rolled flat products originating in or exported from Vietnam after complaints that they were being sold at low prices, hurting the interest of the domestic steel industry.

Indian steelmakers have been flagging cheap imports from China rerouted through Vietnam under the India-Asean free trade agreement for a while now. Imports at lower prices have been impacting domestic steel prices.

The move came after Indian Steel Association (ISA) — on behalf of domestic steel producers, filed an application seeking a probe into hot rolled flat products of alloy or non-alloys steel coming from Vietnam.

A notification issued by the commerce ministry’s Directorate General of Trade Remedies (DGTR) dated August 14, said that on the basis of the duly substantiated written application submitted by the domestic industry, there was prima facie evidence concerning the dumping of the product under consideration originating in or exported from Vietnam and the consequential injury and threat of injury to the domestic industry.

The product under consideration is “hot rolled flat products of alloy or non-alloy steel, not clad, not plated or coated, of a thickness up to 25 mm and width up to 2100 mm”. 

The applicants have requested for retrospective imposition of the anti-dumping duty.

They claimed that because of the adverse volume and price effect of the dumped imports, its performance has deteriorated in respect of cash profit, market share, profit and return on investment.

Major steel producers have been aligning their expansion plans in tune with India’s target of achieving 300 million tonne (mt) steel capacity by 2030-2031.

Major steel producers who are putting in billions of dollars in capacity addition have been raising concerns that cheap imports could impact cash flows and thereby weigh on the expansion plans.

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