Chromeni Steels Private Limited has welcomed recently announced budget 2020-21 proposal to revoke provisional countervailing duty imposed on Flat rolled products of stainless steel originating in or exported from certain countries. They also welcome the budget proposal to revoke anti-dumping duty on Cold-Rolled Flat Products of Stainless Steel of width 600 mm to 1250 mm and above 1250 mm of non-bonafide usage originating in or exported from People’s Republic of China, Republic of Korea, European Union, South Africa, Taiwan, Thailand and United States of America upon its expiry.
Pratik Shah, Director, Chromeni Steels, said, “The recently announced 2020-2021 budget proposals are unprecedented on many counts. Most experts are touting this budget a sort of revolutionary that will go a long way in fuelling the economic prospects of our country. We at Chromeni Steels are wholeheartedly welcome the proposed revocation of anti-dumping duty (ADD) and countervailing duties (CVD) on the imports of flat products from certain countries. This decision will benefit thousands of downstream MSMEs, who have been suffering for months due to rampant raw material price increases and irregularities in supply. Revoking these ADD and CVD will now create a level playing field for the entire stainless steel sector, including the end-user industries.”
Echoing the sentiments of downstream user segments such as pipes and tube manufacturers, Railways, pharma, paper & pulp, chemicals, construction & building materials, utensils makers, etc, Pratik Shah added, “The revocation of ADD and CVD will bring much needed balance to the stainless steel prices which have been artificially going up as much as 40% in a matter of 6-8 months. Affordable barrier free raw material will go a long way in protecting domestic downstream industry and saving thousands of jobs. Chromeni will now put its scaling up plan back on track and re-commit itself to catering to India’s rising stainless steel demand.”
