India's stainless steel body to file anti-dumping petition in few weeks, Jindal Stainless says
May 8 (Reuters) - India's Jindal Stainless (JIST.NS), opens new tab said on Thursday a domestic trade body will soon seek anti-dumping duties on stainless steel imports from China and Vietnam, weeks after India levied a 12% temporary safeguard duty on some steel imports to support local mills.
The earlier tariff move was aimed at helping Indian producers who were forced to scale down operations and consider job cuts due to a surge in cheaper shipments from China, South Korea, and Japan.
Stainless steel was not included in the products covered by the temporary tariff.
"Data shows that there is dumping happening from China and Vietnam," Managing Director Abhyuday Jindal said in a post-earnings call, adding that shipments from the countries were coming to India at "throwaway prices".
"The threat is very clear," Jindal added.
The O.P. Jindal Group company reported an 18% on-year rise in consolidated profit after tax to 5.9 billion rupees ($69.03 million) for the quarter ended March 31. Net revenue grew 8% to 101.98 billion rupees.
Domestic sales rose to 92% of total revenue in the quarter from 89% a year earlier, while exports fell to 8% from 11%.
However, the company said it is expecting exports volumes to grow by 30% in financial year 2025-26. The U.S. tariffs on steel gives the company a level-playing field with other countries in the export market, Jindal said.
"We are expecting growth in the U.S. business due to the tariffs," he added.
Earlier this year, U.S. President Donald Trump, imposed 25% tariffs on steel and aluminium products from all countries.
Additionally, Jindal Stainless' sales volumes grew 9% to 2.37 million tons in financial year 2025. It expects the volumes to grow at 9%-10% in fiscal 2026.
($1 = 85.4720 Indian rupees)
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