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PrintNEW DELHI: The Union Finance Ministry has initiated an investigation into the alleged market disruption due to thew risen Chinese imports of few intermediate products for making stainless steel. This steps are being taken after a complaint was filed by Jindal Stainless.
Demanding protection for the local manufacturers, the firm complained to the Directorate General of Safeguards (DGS) that the risen imports of 'Hot Rolled Flat Products of Stainless Steel of 300 series' from China is leading to market disruption in India.
DGS, under the Revenue Department, enjoys powers to probe existence of market disruption to the local industry due to risen imports and propose safeguard duty.
Moreover, the industry wants government to impose safeguard duty on the shipments of the raw material from the neighbouring nation for a time span of four years.
Moreover, the imports from China have risen considerably from 5,364 million tonnes during 2009-10 to 36,183 million tonnes during 2011-12, witnessing rise of more than seven times.
Sources: SME News
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