Asian Granito India to benefit from tiles and quartz exports
Ahmedabad (Gujarat) [India] July 3 (ANI/NewsVoir): BSE and NSE listed Asian Granito India Limited (AGIL) is bullish on the demand for the quartz from USA market on account of a sharp decline in CVV and anti-dumping duty by the USA on import of Indian quartz.
Earlier USA had levied CVV and Anti-dumping duty of 87.5 per cent on Indian quartz, however now they have revised their duty to around 3.19 per cent for Indian manufacturers, including Asian Granito India Limited, which will help company export quartz to the USA.
Contradictory to that, USA imposed anti-dumping and CVD (Countervailing Duty) on Chinese up to 336.69 per cent. In addition, the final countervailing duty rates for imports of quartz slabs from China up to 190.99 per cent. Together, these duties amount up to over 500 per cent, for all imports of quartz surface products from China.
"AGIL being one of the largest manufactures of the Quartz in India will be the key beneficiary of lower duty on quartz compared to China. This development will help AGIL to target the USA market which exclusive range of Quartz which further helps AGIL to became one of the biggest exporters in Quartz from India. Last year AGIL has seen very aggressive growth in export sales which we are likely to see in the current year too, hence all these developments is favorable for the AGIL in near to long term," said Kamlesh Patel, Chairman and Managing Director on the export potential.
The USA has levied anti-dumping duty on Chinese imports of a wide range of ceramic tiles products, totaling to 714.83 per cent. However, on Indian tiles, the USA has levied duties up to 8.5 per cent which will further raise the scope of tiles export to the 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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