India imposes anti-dumping duty on 47 steel products for 5 years

India has imposed anti-dumping duty on 47 steel products for 5 years, reported a leading English daily quoting a government statement.

A series of protection measures announced by the government led India’s steel imports to drop 38% year-on-year basis between April 2016 and January, according to the government data.

The anti-dumping duty is levied on hot-rolled flat products of alloy or non alloy steel, originating in or exported from China, Japan, Korea, Russia, Brazil and Indonesia, the statement issued late on Thursday stated.

An anti-dumping duty is a protectionist tariff that a government imposes on foreign imports that it believes are priced below fair market value. Dumping is a process where a company exports a product at a price lower than the price it normally charges in its own home market.