India Exempts Anti-Dumping Duty on Imports of Nylon Tyre Yarn from China
- 04-Dec-2020 4:00 PM
- Journalist: Francis Stokes
As per the notification released by the Central Board of Indirect Taxes and Customers (CBIC), the government of India on Thursday announced the abolishment of anti-dumping duty on imports of Nylon Tyre Yarn from China. However, the basis for the sudden decision was not revealed. Anti-dumping duty on imports of Nylon Tyre Yarn was first imposed in June 2015. Contrary to the present decision, in October, the Directorate General of Trade Remedies (DGTR) urged to extend the duty by USD 520-1100 per MT for five years on the product under the stress that excessive dumping might continue to cause material injury to the domestic production.
Nylon Tyre Yarn is primarily utilized in automotive as a sturdy and flexible polymer for tyres. SRF Limited and Century Enka Limited are the major players operating in the Indian Nylon Tire Yarn market. Where SRF operates three production units in India and thus is renowned as a second leading manufacturer of Nylon 6 tire cord fabrics across the world.
As per ChemAnalyst,” Decision regarding the exemption of anti-dumping duty is taken under concerns of increasing demand from the automotive industry on its consistent revival after November. Although the present market outlook is still under a dilemma, the government is currently focused to abate any shortage that could curtail the ongoing rebound in the industries.”