NEW YORK: Indian domestic steel mills have renewed their pitch for immediate levy of trade barriers against cheaper imports as the finance ministry has not acted on earlier recommendations of steel ministry to hike import duty.
Mr CS Verma chairman of SAIL and president of the Indian Steel Association told ToI that “The Indian Steel Association has requested the government to stem the tide of accelerating steel imports into India through a levy of a higher import duty.”
During the current financial year, India has become a net importer of steel, while it was net exporter in previous year. During April 2014 to January 2015 period the total imports, which include steel from China, Japan, South Korea, Russian and Ukraine, stood at 8.1 million tonnes against 4.8 million tonnes for the same period last year, a YoY growth of 69%.
In calendar 2014, imports from China totaled 2.83 million tonnes compared to 1.25 million tonnes, an increase of 128%. China has become the biggest exporter to India, accounting for 36% of total imports into the country.
China has stepped up steel exports since September 2014 and has crossed 10 million tonne mark in December and January.
