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Business Economy


Revocation of ADD & CVD on Stainless Steel Raw Material will revive domestic downstream industries

AHMEDABAD, India, Feb 23, 2021 /PRNewswire/ -- All India Stainless Steel Pipes & Tubes Manufacturers Association, in a statement issued today expressed optimism towards the much-needed revival of the domestic stainless steel downstream industries, thanks to the proposed revocation of anti-dumping duty (ADD) and countervailing duty (CVD) on the import of stainless steel raw material.



Debunked misinformation regarding stainless steel imports in India from countries like Indonesia, the association said that the domestic industries cannot alone rely on the monopolies for stainless steel requirements. Since the demand of stainless steel raw material outstrips the supply in India, raw material imports is necessary. The domestic downstream industries are relying for timely delivery at internationally benchmarked price.



"The revocation of ADD and CVD has effectively created a level playing field for the domestic stainless steel companies which now can avail barrier free raw material. This in turn will keep a check on artificial price hikes of stainless steel required by the downstream industries for finished products such as tuned & pipes among many other industries. The revocation has come as a blessing for India's thousands of MSMEs engaged in finished stainless steel products, which because of duties were suffering on two counts - one, artificially inflated domestic RM prices by large monopolies and two, cheaper imports of finished products. We thank the finance ministry for its foresightful decision and saving MSMEs," said Mr. Ramesh Patel, Vice President, All India Stainless Steel Pipes & Tubes Manufacturing Association.



"It is essential that India becomes self-reliant for stainless steel finished products such as pipes and tubes, among others. To discourage the imports of stainless steel finished products, the domestic industries must flourish. This can happen only if there is enough, unrestricted supply of raw materials," added Mr. Patel.



About All India Stainless Steel Pipes & Tubes Manufacturers Association



All India Stainless Steel Pipes & Tubes Manufacturers Association is a Gandhinagar based Association set up to promote trading, dealing and manufacturing of Stainless Steel Pipes & Tubes, and to protect the interest oof members and organize arrangement interest of Stainless Steel Pipes & Tubes industries in India and the international market, including to secure organize actions on all subject relating to Stainless Steel Pipes & Tubes industries. Any person, society, firm, or a company engaged in Stainless Steel Pipes & Tubes Merchant's business is eligible to become a member. The Association currently has 55 members representing SMEs and MSMEs engaged in Stainless Steel Pipes & Tubes business.



For more information contact:

Email: info@ssptma.com

Tel.: +91-79-2970 325J / 3253/ 3254

www.ssptma.com

(Disclaimer--Features may vary depending on the regions; subject to change without notice.)

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