India may bring back CVD on steel to check flood of imports

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NEW DELHI : India may impose a countervailing duty (CVD) on stainless steel imports to deter the flood of cheap imports and protect local manufacturers, a steel ministry official said. The ministry backed a CVD levy on steel, and the commerce ministry’s Directorate General of Trade Remedies has already recommended a 19% duty to the finance ministry, which will take a final call on the matter. The CVD is typically imposed to protect local companies that cannot compete with cheap imports that gain from subsidies given by the exporting nation. In the face of such imports, domestic steelmakers, especially the...