Schedule a Call Back
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.
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
India
Chinese steel
US
European Union
sustainable steel
aluminum
trade practices
Donald Trump
Nagendra Nath Sinha
South Korea
Related Stories
Policy Regulation
Indian manufacturing sector has a very promising outlook: Amitabh Kant
In this interview with Rakesh Rao, Amitabh Kant, India's G20 Sherpa and former CEO of NITI Aayog, explores the country’s transformative journey in the last few years and potential of the Indian ma..
Read moreOther Industrial Products
Knowell can support India’s next wave of industrial growth: Jatin Shah
In this interview, Jatin Shah, MD and CEO, Knowell International Pvt Ltd, highlights the importance of bearings in propelling the growth of the Indian manufacturing sector.
Read moreSmart Manufacturing
India’s engineering sector has grown into a dynamic ecosystem: Amit Sharma
In this exclusive interview with Rakesh Rao, Amit Sharma, MD & CEO, Tata Consulting Engineers Ltd, highlights the transformation taking place in India’s engineering sector and the company's future..
Read moreRelated Products
Heavy Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of heavy industrial ovens.
High Quality Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of high quality industrial ovens. Read more
Hydro Extractor
INDUSTRIAL SUPPLIES
Guruson International offers a wide range of cone hydro extractor. Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
