Steelmakers seek higher tariffs as Chinese imports surge
The Hindu
Indian steel industry urges government to double tariffs on steel imports to combat influx of cheaper Chinese steel.
Steelmakers have called on the government to double tariffs on steel imports to curb a surge in cheaper steel shipments from China, according to a letter from an industry association seen by Reuters.
The world's second-biggest crude steel producer became a net importer of the alloy in the fiscal year through March 2024 and the trend has continued into the current year.
Finished steel imports from China hit a seven-year high over April-August while overall finished steel imports hit a six-year high of 3.7 million metric tons.
In a letter dated Sept. 2, the Indian Steel Association (ISA) called on Minister of Finance Nirmala Sitharaman to double the customs duty on steel imports to 15%.
ISA represents major steel producers such as JSW Steel , Tata Steel, ArcelorMittal Nippon Steel India and state-run Steel Authority of India.
"Industry is concerned about the surge in imports of steel into India at predatory prices and the threat posed by China's downturn," ISA said in the letter to Sitharaman.
The trend of cheaper steel imports is likely to continue, ISA said.
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