India's prime minister's office probing dumping of Chinese stainless steel, Jindal Stainless executive says

28/07/2023 04:35 - 57 Views

India's Prime Minister's office (PMO) has launched a probe into potential dumping of Chinese stainless steel products into the country, Abhyuday Jindal, managing director of Jindal Stainless (JIST.NS), said on Wednesday.

"The Prime Minister's Office has taken up the mantle," Jindal told reporters, adding that the matter was likely being discussed internally.

Stainless steel producers have petitioned the government to impose countervailing duty (CVD) on Chinese stainless steel products.

"That is one ray of hope for us if PMO can intervene and take some action and give us some protection."

The Prime Minister's Office did not immediately reply to a Reuters email seeking comments.

Jindal also said that Chinese stainless steel products have taken over around 30% of India's domestic market at 15-20% lower prices than local products.

During April-May, stainless steel imports from China reached a three-year high at 107,000 metric tons.

Earlier this month, Reuters had reported that India was likely to reject the call to impose CVD to protect steel consuming firms from higher prices.

Source: Reuters