JAKARTA. The Indian government has cancelled its plan of charging anti-dumping import duty for Indonesia-based stainless steel products. This decision follows the result of the investigation conducted by Directorate General Trade Remedies (DGTR) India.
Muhammad Lutfi, the Minister of Trading, claims that the Indonesian government has performed a diplomatic approach to some of India’s high officials. Prior to this, the Indian authorities have issued a recommendation regarding the anti-dumping duty. However, Lutfi sees that the said suggestion is deficient, both in the substance and investigation procedures.
“I appreciate the Indian government’s decision. This anti-dumping duty exemption could revive the access of Flat Rolled Product of Stainless Steel (FRPSS) export to the Indian market,” Lutfi further elaborates in the press conference, received by idnfinancials.com.
The Trading Ministry once recorded the peak of FRPSS export to India in 2019, scoring USD 426 million in total. However, the said export activities plummeted 72.54% to USD 117 million in 2020 due to the COVID-19 pandemic.
Meanwhile, from January to May 2021, FRPSS export to India only reaches USD 60 million. This number does not do as well as the one reported in the same period last year, scoring USD 87.5 million. (KR/ZH)