Tuesday, Mar 9 2021 | Time 12:59 Hrs(IST)
  • Jarakiholi Case: Investigation to be conducted as per books, says Bommai
  • LS adjourned till 1400 hrs amid Oppn ruckus on fuel prices
  • Rajya Sabha adjourned till 1400 hrs amid Oppn sloganeering
  • Online ticket booking under Kolkata PRS resumes
  • Russian Prime Minister signed decree on early retirement for teachers, doctors, pilots
  • ER Building Fire: PM Modi announces Rs 2 lakh compensation to kin of deceased; high level inquiry ordered
  • Security forces launch CASO in north Kashmir
  • Rajya Sabha adjourned till 1200 hrs amid Oppn ruckus over fuel price hike
  • Jarkiholi sex scandal: Former minister claims video as conspiracy against him
  • Lok Sabha adjourned till 1200 hrs amid Oppn ruckus on fuel prices
  • No animal slaughtering, meat sale during Navratras in Jammu
  • Four killed at construction site in Karnataka
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


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

More News

Makeshift school for the needy established by Nafih Mohammed Naser in Bengaluru becomes a centre of attraction

09 Mar 2021 | 12:48 PM

Mar 09, 2021: A make shift school for the children of the migrant workers in Bengaluru has been attracting limelight lately.

see more..

PIETECHLAB- Simplifying Business Solutions

09 Mar 2021 | 12:23 PM

BENGALURU, India, March 9, 2021 /PRNewswire/ - PIETECHLAB was started in 2012, and now with 9+ years of extensive research and market exposure they are basking in the glory of being one of the world class experts in delivering top quality solutions in the realm of cloud engineering. PIETECHLAB is a team of software developers providing a niche segment for business development with their own advanced Artificial Intelligence systems.

see more..
Bullion Market Opening Rates

Bullion Market Opening Rates

09 Mar 2021 | 11:22 AM

Chennai, Mar 9 (UNI) Following is the bullion markets
opening rate here today.

see more..
Rupee down 19 paise against USD

Rupee down 19 paise against USD

09 Mar 2021 | 10:47 AM

Mumbai, Mar 9 (UNI) The Rupee on Tuesday slipped by 19 paise to 73.15 against the US Dollar on rising demand for US Dollar by bankers and importers, dealers at the Forex Market said.

see more..
Sensex up over 300 pts

Sensex up over 300 pts

09 Mar 2021 | 10:30 AM

Mumbai, Mar 9 (UNI) The BSE Sensex on Tuesday advanced 357 pts to 50,798.93 in the opening session following gains in Finance, Health Care, Materials and Energy stocks.

see more..