Ludhiana: Another body of industrialists has
opposed the anti-dumping probe launched by the ministry of
commerce and industry into the alleged dumping of steel.
The Federation of Industrial and Commercial Organization (Fico) said in a
statement that the ministry of commerce and industry (department of
commerce) through Directorate General of Trade Remedies (DGTR) has sought
investigation for further recommendations to Union government to suggest
imposition of anti-dumping duty on of hot-rolled flat products of alloy or
non-alloy steel originating in or exported from Vietnam.
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Gurmeet Singh Kular, president of the Fico,
said this measure could severely impact the industry. “The move would likely
lead to higher steel prices, exacerbating the difficulties faced by SMEs and
potentially devastating the sector,” he said.
KK Seth, chairman of Fico, said: “The rising raw material costs would make it
challenging for businesses to sell their products.”
Manjinder Singh Sachdeva, senior vice-president of Fico, said: “Instead of
imposing anti-dumping duty, the government should ensure a level playing field
for domestic industries on a global scale. The fair competition is crucial for
the survival and growth of local businesses, particularly in the face of
challenges posed by international trade dynamics. The move will hike the
price, and it will make MSMEs struggle in competition.”
Balbir Singh Mankoo, finance secretary of Fico, said: “The proposed
anti-dumping duty would have a severe negative impact. This will likely to
lead to higher prices for steel products, which would, in turn, affect the
cost structure of domestic industries.”
The investigation was initiated after big corporate steel producers complained
to the ministry that hot-rolled flat products of alloy or non-alloy steel
originating in or exported from Vietnam are being sold at low prices.
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