India will not impose countervailing duty (CVD) on select steel products imported from China despite a recommendation from trade officials and lobbying from local steel manufacturers, a government source told Reuters.
In a rare move, the Ministry is to reject the recommendation by the Directorate General of Trade Remedies (DGTR) to impose 18.95% CVD on certain flat-rolled steel products imported from China for five years, the finance ministry official directly involved in the matter, told Reuters.
The decision by the Finance Ministry aims to protect steel consuming firms from higher prices even though it could hurt local steel manufacturers, the source said.
