India’s Minister of Steel H.D. Kumaraswamy has announced that he will urge the Ministry of Finance to increase customs duties on steel imports to protect domestic manufacturers from cheap imports, especially from countries like China. India, the world’s second-largest producer of crude steel, has recently become a net importer of steel, a trend that continued in the first four months of the current fiscal year that began in April. China was the top exporter to India during this period, supplying around 807,000 tons, followed by Japan and South Korea.
Kumaraswamy, at an industry conference, highlighted the challenges facing the Indian steel industry due to low-cost imports. He also called on the government to take measures to protect the sector. The suggestions included increasing steel import tariffs from the current 7.5% to 10%-12%.
In response to the increasing pressure on the sector, the Indian government launched an anti-dumping investigation into certain steel products imported from Vietnam in August. Major steelmakers such as JSW Steel and Tata Steel are also holding talks with the government, advocating trade measures to support the sector. Steel prices in India have fallen to their lowest levels in three years due to a surge in imports and weakening export demand.
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