An emergency meeting of Chamber of Industrial and Commercial Undertakings (CICU) was held at association’s Focal Point office to discuss the issue of proposals to impose of Anti-Dumping duty on import of steel from Vietnam. The meeting was presided over by CICU president Upkar Singh Ahuja, Joint Secretary Honey Sethi, APEX chamber President Rajnish Ahuja and others.

According to a statement issued by the participants of the CICU’s meeting, “Ministry of Commerce & Industry (Department of Commerce) through Directorate General of Trade Remedies vide initiation notification case no. AD(O1) – 13/2024 notification dated August 14^th 2024 initiated investigation for further recommendations to government of India on suggestions during investigation for imposing anti-dumping duty on proposed PCN for subjected goods originating in or exported from subjected country Vietnam. MSME industry is passing through crucial times due to global situation war situation in few countries, slowdown in Global markets ,competition from Asian countries China, Thailand, Vietnam, Indonesia etc, agitations in country, rising input costs and many more. Imposition of anti-dumping duty will lead to escalation in steel prices which in turn will kill the MSMEs at this gesture”

The statement further said, “CICU vehemently opposes the recent proposal to impose, for investigation concerning imports of “Hot rolled flat products of alloy or non-alloy steel” originating in or exported from Vietnam an anti-dumping duty on "Hot rolled flat products of alloy or non-alloy steel" originating from Vietnam. This decision, if implemented, could have detrimental effects on the steel industry, particularly on the vibrant community of small and medium enterprises (SMEs) that drive our local economy.

Recent financial reports clearly demonstrate the profitability of the steel industry, with healthy margins ranging between Rs. 9,000 per ton to Rs. 15,000 per ton. The imposition of additional duties would not only be unjustified but could also pose a significant threat to the sustainability and growth of SMEs in the sector. Such actions risk disrupting the delicate market balance, ultimately impacting domestic consumers and the overall industry”

CICU representatives expressed concerns that anti-dumping duties could impede free trade and lead to international trade conflicts. The resulting price hikes may burden consumers and disrupt supply chains, causing ripple effects across various sectors. Such measures not only harm local industries but also strain international relations, potentially escalating into broader economic tensions. The Chamber of Industrial & Commercial Undertakings urges a comprehensive review of the proposed anti-dumping duty to safeguard the interests of all stakeholders, especially small and medium enterprises (SMEs). We advocate for a collaborative approach to foster a competitive, sustainable environment that supports growth and prosperity in the steel industry

Some of the other businessmen present in the meeting included Machine Tool Association President Gurmail Singh, Foundry Association representative Davinder Singh Panesar, Export Committee Co-Convener Sarvjit Singh, CICU Vice President Akash Bassi, and CICU Vice President Ashwani Goyal.

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