Anti-dumping duty Current Affairs - 2020
Union Ministry of Finance has imposed an anti-dumping duty on imports of graphite electrodes used in steel plants for five years. The imposed duty ranges between $278.19 and $922.03 per tonne.
The decision was taken following the recommendations of the Directorate General of Anti-Dumping Duty (DGAD).
Earlier, DGAD had initiated and conducted investigation into dumping, on complaints of domestic manufacturers- HEG and Graphite India
With this move, government aims to protect the domestic industry from below-cost shipments of graphite electrodes.
It should be noted that the graphite electrodes are used in melting of steel.
What is Anti-Dumping Duty?
- It is duty imposed by government on imported products which have prices less than their normal values or domestic price.
- Usually countries initiate anti-dumping probes to check if domestic industry has been hurt because of a surge in below-cost imports.
- Anti-Dumping Duty is imposed under the multilateral WTO regime and vary from product to product and from country to country.
- In India, anti-dumping duty is recommended by the Union Ministry of Commerce, while the Union Finance Ministry imposes it.