BSE and NSE listed Asian Granito India Limited (AGIL) is bullish on the demand for the quartz from USA market on account of sharp decline in CVV and Anti-dumping duty by USA on import of Indian Quartz.
Earlier USA had levied CVV and Anti-dumping duty of 87.5% on Indian Quartz, however now they have revised their duty to around 3.19% for Indian manufacturers, including Asian Granito India Limited, which will help company export Quartz to USA. Contradictory to that USA imposed anti-dumping and CVD (Countervailing Duty) on Chinese up to 336.69%. In addition, the final countervailing duty rates for imports of quartz slabs from China up to 190.99%. Together, these duties amount up to over 500%, for all imports of quartz surface products from China.
Commenting on the export potential, Kamlesh Patel, Chairman and Managing Director said, “AGIL being one of the largest manufacture of the Quartz in India will be key beneficiary of lower duty on quartz compared to China. This development will help AGIL to target USA market which exclusive range of Quartz which is further help AGIL to became one of the biggest exporter in Quartz from India. Last year AGIL have seen very aggressive growth in export sales which we are likely to see in current year too, hence all this developments is favorable for the AGIL in near to long term.”
USA have levied anti-dumping duty on Chinese imports of a wide range of ceramic tiles products, totaling to 714.83%. However on Indian tiles, USA have levied duties up to 8.5% which will further raise the scope of tiles export to USA from India. Due to the above recent positive developments, Indian tiles and ceramic Manufacturers, especially Asian Granito India Limited, will benefit from the lower duties on tiles compared to China, whereby turnover and profitability of the company will increase substantially.
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