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Indian steel industry seeks tariff protection

The Indian steel industry has requested that tariff protection be submitted to the Indian Parliament in the national budget.

Indian steel industry seeks tariff protection

The Indian steel industry in a statement on January 26 called for tariff protection in the national budget to be submitted to the Indian Parliament on February 1 against the import of steel products at "predatory prices".

Among the measures envisaged by the government in the 2023-2024 budget, there is an increase of 7.5% in basic customs duty, up to 12.5% for flat products and 10% for long products.

In addition, a 25% compensation tax is required on all steel imports to avoid unloading of products in the country by foreign sellers. Pressure for higher tariff protection follows India as a net importer of steel in Q3 (October-December) of Fiscal year 2022-2023, with domestic supply increasing 65% year-on-year.

However, some industry analysts said that the country's shift to net steel imports is a result of the sharp decline in exports, particularly as a result of the 15% export tax imposed by the government in May 2022 and then canceled in November 2022. Citing official data from the Ministry of Steel, analysts said this was reflected in a 65% decline in steel exports between April and November 2022.

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