Relevant Indian authorities said on Monday that temporarily India abolish the anti-dumping tariffs imposed on some steel products from China mainly, as the soaring domestic product prices in India have hit small and medium-sized manufacturing companies that create a large number of jobs.
The Indian government announced in its annual budget that, as part of the federal budget for 2021/22, it will abolish anti-dumping duties on imported aluminized or galvanized alloy steel bars, wires, and flat rolled steel products before September 30. The above adjustment will take effect from Tuesday. In addition to China, other major exporting countries include Vietnam and South Korea.
The Indian side also stated that it will reduce tariffs on non-alloy, alloy and stainless steel semi-finished products, flat rolled steel and long steel products from China from 10-12.5% to 7.5%.