Active Stocks
Thu Sep 28 2023 15:59:12
  1. Tata Steel share price
  2. 126.75 -1.09%
  1. NTPC share price
  2. 237.8 -0.65%
  1. Power Grid Corporation Of India share price
  2. 200.75 0.73%
  1. Tata Motors share price
  2. 613.95 -1.04%
  1. HDFC Bank share price
  2. 1,522.95 -0.28%
Business News/ News / World/  Countervailing duty slapped on continuous cast copper wire rods from 4 Asean nations

Countervailing duty slapped on continuous cast copper wire rods from 4 Asean nations

DGTR recommends imposing countervailing duty on continuous cast copper wire rods from Indonesia, Malaysia, Thailand and Vietnam
  • The duty has been imposed for 5 years as the imports were causing harm to the domestic industry, says DGTR
  • Photo: BloombergPremium
    Photo: Bloomberg

    India’s Directorate General of Trade Remedies (DGTR) has recommended imposing countervailing duty on imports of continuous cast copper wire rods from four of the Asean countries, namely Indonesia, Malaysia, Thailand and Vietnam. The duty, varying between 3.46% and 10.27%, has been imposed for five years as the imports were causing harm to the domestic industry, according to a notice posted on DGTR website.

    Hindalco Industries and Vedanta Ltd are among the major producers of the metal while consumer durable manufacturers like Havells, Crompton Greaves and KEC International are its importers.

    DGTR said in its order that imposition of countervailing duty would not restrict imports from the subject country in any way, and, therefore, would not affect the availability of the products to the consumers.

    “…fair competition in the Indian market will not be reduced by the imposition of the countervailing measures, particularly if the levy of the countervailing duty is restricted to an amount necessary to redress the injury caused to the domestic industry by the imports of subsidized subject goods," DGTR said.

    DGTR instead believes imposition of countervailing measures would remove the unfair advantages gained by subsidization and create level playing field.

    The period of investigation for the purpose of the present anti-subsidy investigation is from April, 2017 to March, 2018. The period considered for injury investigation was 2014-18.

    The investigation was taken up after Hindalco and Vedanta first complained of being hurt by cheap imports of continuous cast copper wire rods. The authority then sent a questionnaire to 17 exporters across the concerned countries asking for their response to the complaints of the producers here.

    DGTR falls under the Ministry of Commerce and Industry’s department of commerce and its order is final. An appeal against the order of the Central government arising out of this final finding shall lie before the Customs, Excise and Service Tax Appellate Tribunal.

    "Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Updated: 06 Nov 2019, 08:14 PM IST
    Next Story
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App