Financial Daily from THE HINDU group of publications
Thursday, Aug 14, 2003
Financial Daily from THE HINDU group of publications Thursday, Aug 14, 2003 |
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Industry & Economy
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Anti-dumping ASFI against lifting dumping duty on nylon tyre cord fabric K.R. Srivats
New Delhi , Aug. 13 THE Association of Synthetic Fibre Industry (ASFI) has approached the Customs, Excise and Service Tax Appellate Tribunal (Cestat) in appeal against the order of the Designated Authority that recommended the discontinuation of anti-dumping duty on nylon tyre cord fabric (NTCF) imports from Indonesia, South Korea, Thailand and Taiwan. NTCF, which accounts for about 26 per cent of the total raw material cost of the Rs 9,700-crore tyre industry, finds application in different kinds of tyres including truck and bus tyres. Industry sources confirmed that ASFI has approached Cestat in appeal against the March 2003 order of the Designated Authority in the Commerce Ministry. The Finance Ministry had in late April this year discontinued the imposition of anti-dumping duty on NTCF imports from these four countries. The duty was discontinued on the basis of the recommendation of the Designated Authority in the Commerce Ministry, which had in its final findings of its review investigations in March 2003 recommended discontinuation of anti-dumping duty. ASFI had on behalf of SRF Ltd, NRC Ltd, Nirlon Ltd and TFL Ltd filed the review petition The Revenue Department's move was then seen as a relief for the domestic tyre industry, given that the industry had been facing pressures on margins front on account of strengthening of natural rubber prices. The total value of NTCF consumed by the domestic tyre industry in 2001-02 was about Rs 1,300 crore. The value of NTCF imports from these four countries in the same year stood at Rs 220 crore. In 2001-02, the members of the Automotive Tyre Manufacturers Association (ATMA) consumed about 65,000 tonnes of NTCF, with imports in the corresponding period at about 23,000 tonnes.
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