India not to impose safeguard duties on Vietnam steel

(VOV) - The Indian Ministry of Finance has decided not to impose safeguard duties on cold rolled flat products of stainless steel imported from Vietnam and some other countries.

On April 8, the Vietnam Competition Authority (VCA) under the Ministry of Industry and Trade (MoIT) reported India decided to stop the investigation carried out since September, 2014 and not to impose safeguard measures against the products imported from these above-mentioned countries.

The reason for its decision is due to India’s failure to find enough persuasive evidence for applying safeguard measures, including those related to increasing imported products from investigated firms, heavy losses or threats to causing serious losses for the domestic production sector.

india not to impose safeguard duties on vietnam steel hinh 0

M/S Jindal Stainless Steel Company, an Indian steel producer -  accounts for more than 85% of total cold rolled flat products of stainless steel production volume - filed the lawsuit.

Over the past three years, Vietnam steel products have faced numerous anti-dumping, anti-subsidy and safeguard duties from major importers.

For example, last year the US conducted anti-dumping and anti-subsidy investigations on steel nail, while Canada and Australia launched investigations on oil country tubular goods (OCTG) and on Zinc coated steel, respectively.