+
India Tackles Rising Steel Imports
Steel

India Tackles Rising Steel Imports

India is actively discussing measures to manage rising steel imports, as stated by Steel Minister H.D. Kumaraswamy. The minister highlighted that despite robust domestic demand, the surge in imports poses significant challenges for local steelmakers.

Key Points:

Current Import Trends: India, the second-largest producer of crude steel, has been a net importer throughout the fiscal year ending March 2024 and continued this trend from April to July.

Top Exporters: China emerged as the largest steel exporter to India during this period, followed by Japan and South Korea.

Impact on Prices: The influx of imports has contributed to a decline in local steel prices, which have reached their lowest levels in over three years, according to data from BigMint.

Government Response: Kumaraswamy indicated that the ministry aims to persuade the finance ministry to increase tariffs on steel imports to safeguard domestic manufacturers from cheaper imports, particularly from China.

Anti-Dumping Measures: In August, India launched an anti-dumping investigation on specific steel products imported from Vietnam, responding to concerns from leading steel producers like JSW Steel and ArcelorMittal Nippon Steel.

Conclusion: The Indian government is taking proactive steps to protect its steel industry amid rising imports, ensuring the sustainability of local production.

India is actively discussing measures to manage rising steel imports, as stated by Steel Minister H.D. Kumaraswamy. The minister highlighted that despite robust domestic demand, the surge in imports poses significant challenges for local steelmakers. Key Points: Current Import Trends: India, the second-largest producer of crude steel, has been a net importer throughout the fiscal year ending March 2024 and continued this trend from April to July. Top Exporters: China emerged as the largest steel exporter to India during this period, followed by Japan and South Korea. Impact on Prices: The influx of imports has contributed to a decline in local steel prices, which have reached their lowest levels in over three years, according to data from BigMint. Government Response: Kumaraswamy indicated that the ministry aims to persuade the finance ministry to increase tariffs on steel imports to safeguard domestic manufacturers from cheaper imports, particularly from China. Anti-Dumping Measures: In August, India launched an anti-dumping investigation on specific steel products imported from Vietnam, responding to concerns from leading steel producers like JSW Steel and ArcelorMittal Nippon Steel. Conclusion: The Indian government is taking proactive steps to protect its steel industry amid rising imports, ensuring the sustainability of local production.

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code