India's PMO probing dumping of Chinese stainless steel - Jindal Stainless Exec (updated)

Jindal Stainless

26/07/2023 13:49

(Adds details from paragraph 2)
    By Neha Arora
       NEW DELHI, July 26 (Reuters) - 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.

 (Reporting by Neha Arora in New Delhi; Additional reporting by
Biplob Kumar Das in Bengaluru; Editing by Varun H K)
 ((Biplobkumar.das@thomsonreuters.com; 9101861583;))