Pak imposes 24 % anti-dumping duty on Chinese steel

Lahore [Pakistan], June 28 (ANI): For the third time, Pakistan has imposed anti-dumping duty on Chinese steel and steel products to protect local industry.

The anti-dumping duty of 24.04 percent was imposed by the National Tariff Commission (NTC) for a period of five years effective from June 22.

The Nation quoted industry sources, as saying that in February 2017, the NTC had imposed an anti-dumping duty on import of galvanized steel coils and sheets from China. The duty, which was up to 40 percent, is in force for five years since February 8, 2017.

In 2015, 19.04 percent duty was imposed on Chinese cold rolled coils.

China is the world's biggest steel producer, accounting for nearly half of global supplies.

Some developed economies have already slapped as much as 266 percent anti-dumping duties on cheap Chinese steel products.

The steel demand in the country hovers around eight million tons against the production of six million tons. Imports meet the demand and supply shortfall.

Presently, around 600 steel mills, including furnaces and rolling mills are operating in the country.

The latest anti-dumping duty rates have been determined on cost and freight (C&F) value on ad volarem terms. However, said duty would not be applicable on i) non-Chinese billets, and ii) producers who import said goods as inputs in products destined solely for exports. (ANI)

This story has not been edited. It has been published as provided by ANI