Canada has imposed anti-dumping duty on import of steel products from Pakistan.
The Canadian Border Services Agency (CBSA) and Canadian International Trade Tribunal (CITT) commenced a preliminary injury and dumping inquiry against the import of Circular Welded Steel Pipe (CWSP) in the Canadian market from Pakistan, the Philippines, Turkey and Vietnam.
Subsequently, on October 18, 2018, the CBSA announced its preliminary determination on the margin of dumping on imports of CWSP from Pakistan and International Industries Limited (IIL). A provisional duty was imposed at 10.1% for ILL and 58% for other exporters in Pakistan, the said provisional dumping margin is levied until a final determination is made by the CBSA which is due in January 2019.
The notification to the Pakistan Stock Exchange also read that, until now, there was no financial exposure to IIL for any of their exports to Canada.
Although our sales to Canada continue for the time being, there may be a slowdown in sales depending to the final injury findings issued by CITT in February 2019.
The company further stated that they have engaged experienced legal counsel both in Pakistan and in Canada to aggressively contest the said inquiries initiated by CBSA & CITT. It is confident for a positive outcome.
INIL’s script at the bourse was trading at Rs. 178.01, down by Rs. 2.46 with a turnover of 35,400 shares on Thursday.