India imposes anti-dumping duty on Chinese Steel amid Surging Imports

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India imposes anti-dumping duty on Chinese Steel amid Surging Imports

India imposes anti-dumping duty on Chinese Steel amid Surging Imports

Industry News
Sep 13,23

China managed to surpass South Korea to become the largest steel exporter to India, selling 0.6 million metric tons between April and July.

India imposes anti-dumping duty on Chinese Steel amid Surging Imports

According to an official government announcement, India has implemented a five-year anti-dumping duty, specifically targeting certain types of steel from China. This action was taken in response to a substantial increase in steel imports from China to India, which saw a 62% surge between April and July compared to the same period in the previous year. China managed to surpass South Korea to become the largest steel exporter to India, selling 0.6 million metric tons during this period.

During this same timeframe, India recorded a record-high steel import volume in 2020, with a 23% increase to 2 million metric tons. China ranked as the second-largest steel exporter to India, trailing behind South Korea.

Nagendra Nath Sinha, the steel secretary, recently announced that the government was closely monitoring steel imports due to concerns raised by the domestic industry about potential unfair trade practices by Chinese sellers. China primarily exports cold-rolled coils or sheets to the Indian market.

Meanwhile, similar measures are under consideration in other parts of the world. The United States and the European Union are engaged in discussions to create new trade tariffs aimed at addressing excess steel production, particularly from China, as reported by Bloomberg.

It was previously reported on September 7 that these tariffs would primarily target imports that gain an unfair advantage through non-market practices. However, negotiations regarding the exact scope of these tariffs and their potential impact on other countries are still ongoing.

These deliberations are part of the Global Arrangement on Sustainable Steel and Aluminum, a framework that the EU and the Biden administration have been discussing since the previous year. The aim is to resolve a long-standing dispute that began when former US President Donald Trump imposed tariffs on metal imports from Europe, citing national security concerns. Currently, both the US and the EU impose approximately 25% tariffs on various steel imports as safeguard measures.

Source: Mint