New Delhi, Apr 9 (KNN) The Directorate General of Trade Remedies (DGTR) has recommended countervailing duties ranging from 3.46 per cent to 10.27 per cent on copper wire imports from Vietnam, Thailand, Malaysia, and Indonesia.
If imposed by the Finance Ministry, these duties would impact the profit margins of electrical wire manufacturers who are the primary importers of this commodity.
The investigation was initiated following an application filed by the Indian Primary Copper Producers’ Association.
Federation of Indian Micro and Small & Medium Enterprises (FISME) has criticized the move and stated it would adversely impact large number of downstream industries mostly MSMEs.
Reacting sharply to the development FISME has said that large corporate lobbies are pushing Government for more and more protection through Anti-dumping, Safeguard duties and Quality Control Orders (QCOs). The protection is leading to constriction of manufacturing in the country.
Hindalco Industries Limited and Vedanta Limited provided the costing data for the investigation and are referred to as the domestic industry in this case.
According to the DGTR’s findings, exports from PT Karya Sumiden Indonesia will face a 4.98 per cent countervailing duty, while those from PT Tembaga Mulia Semanan Tbk will attract a 3.75 per cent duty. Any other Indonesian exporter will be subject to a 7.94 per cent duty.
For Malaysian producers, while Metrod Malaysia Sdn Bhd has been exempted from duties, all other Malaysian producers will face a 10.27 per cent countervailing duty.
Vietnamese copper producers will be required to pay a 7.13 per cent duty on their exports to India.
(KNN Bureau)
