India’s Union Steel Minister, H D Kumaraswamy, announced plans to advocate for an increase in steel import duties to counter the dumping of cheap Chinese steel. Speaking at the Fifth Steel Conclave organized by the Indian Steel Association, Kumaraswamy stated that he would push for raising import duties from 7.5pct to 10-12pct.
India became a net importer of steel during April-July, driven by a surge in Chinese steel imports, which pressured the domestic market and exports. According to the Steel Ministry, finished steel imports rose 32pct YoY to 2.7 mln tons, while exports dropped 41pct to 1.6 mln tons.
Chinese steel imports into India reached nearly 0.8 mln tons, a 42pct YoY increase, making China the largest supplier, accounting for 30pct of India’s steel imports. Of these, 47pct were stainless and alloy steel, while 53pct were non-alloyed steel. South Korea was the second-largest supplier, followed by Japan, Vietnam, and Taiwan.
Expressing concern over the impact of these imports, Kumaraswamy noted that industry leaders have approached him about the challenges posed by low-priced steel. He emphasized the need for higher duties to protect the domestic industry. Naveen Jindal, Chairman of Jindal Steel and Power Limited (JSPL), echoed these concerns, highlighting the significant increase in steel imports from China, Korea, and Vietnam, which have risen by 50-80pct compared to last year. Jindal called for stronger measures, suggesting that even a 10-12pct import duty might not be sufficient given the low prices of imported steel.
