NOVEMBER 20248ANTI-DUMPING DUTY IMPOSED ON STAINLESS STEEL IMPORTS FROM VIETNAMHPCL INCREASES OIL IMPORT QUOTA FROM IRAQ BY 43 PERCENTThe Indian government has imposed an anti-dumping duty on welded stainless steel pipes and tubes imported from Vietnam and Thailand, following recommendations from the Directorate General of Trade Remedies (DGTR). The duty, which will remain in place for five years, ranges from $246 to $307 per metric tonne, depending on the producer and the country of origin.This decision comes after the DGTR concluded that these products were exported to India at dumped prices, which caused harm to the domestic stainless steel industry. The investigation covered imports from April 2022 to March 2023. Thai steel producers, except I Stainless Steel Co Ltd, will face a duty of $246 per metric tonne, while Vietnamese producers, excluding Sonha SSP and Steel 568 Co., will be subjected to a $307 per metric tonne duty.The investigation was initiated following complaints by the Delhi-based Stainless Steel Pipe and Tubes Manufacturer Association and the Stainless Steel Pipe & Tubes Manufacturers Association of Gujarat. Around 40 domestic producers, accounting for half of India's stainless steel and pipes production, provided data for the probe.Foreign steel producers argued that the ASME-BPE-certified products under investigation were not available in India and should, therefore, be excluded from the scope of the anti-dumping investigation. Hindustan Petroleum Corp Ltd (HPCL), India's state-owned oil company, plans to increase its annual crude oil import from Iraq to 100,000 barrels per day (bpd) in 2025, a rise of approximately 43 percent from its 2024 deal of 70,000 bpd, according to a company source.This increase aligns with HPCL's ongoing refinery expansions. The company is commissioning residue upgradation units at its Vizag refinery in southern India, raising its capacity from 274,000 bpd to 300,000 bpd. HPCL also operates the 190,000 bpd Mumbai refinery in western India and expects to begin operations at its new 180,000 bpd Barmer refinery in Rajasthan by late December or early next year.These expansions will bolster HPCL's refining capacity, supporting its increased crude imports and enhancing its ability to meet domestic fuel demand.HPCL, an Indian PSU in petroleum and natural gas sector, is based in Mumbai. It is a branch of the Oil and Natural Gas Corporation (ONGC), which is government-owned by India and managed by the Ministry of Petroleum and Natural Gas. Since 2018, Oil and Natural Gas Corporation has majority ownership of its stake. HPCL has a IT infrastructure in place to aid its primary operations. The HITEC City in Hyderabad houses the data center. TOP STORIES
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