BL reported that steel companies have raised their pitch for imposition of anti dumping duty after China recently enhanced incentives for steel exports.
Steel company official said “Though demand for steel in China is strong, it is not able to absorb the entire output. India has now emerged as a major dumping ground for its products thanks to demand being robust here, quite unlike most other countries.”
According to Steel Ministry data, import prices lower in May, steel imports into India surged 21% to 5.28 million tonne against 4.35 million tonne in the same period last year. Shipments from Commonwealth of Independent States countries account for 28% of total imports.
An industry source said exporters have been wooing Indian buyers with attractive prices. While domestic steel companies sell hot rolled coils for about INR 27,000 tonne, exporters offer it at INR 3,000 less.
The DG of Safeguards in its recent recommendation to the inter ministerial Board on Safeguards has suggested 25% safeguard duty on imports of hot rolled coils, sheets and strips priced below USD 500 tonne. It has maintained that cheap inflows from China and other countries are hurting the domestic industry.
Source : Business Line