12-9-2023 (NEW DELHI) India has taken a decisive step to protect its domestic steel industry by imposing an anti-dumping duty on certain Chinese steel products. The move, which comes as a response to concerns raised by the steel industry regarding potential dumping practices by Chinese sellers, was announced in a government notification on Monday (Sep 11).
The issue of steel imports has been closely monitored by the Indian government, with Nagendra Nath Sinha, India’s steel secretary, expressing his concerns on September 4. Sinha highlighted the need to address the influx of cheap Chinese steel that could potentially harm the domestic market.
China emerged as the second-largest steel exporter to India between April and July, trailing behind South Korea. During this period, China sold approximately 0.6 million metric tons of steel to India, marking a significant increase of 62 percent compared to the same period last year.
Overall, India’s total imports of finished steel during the April-July period reached 2 million metric tons, the highest since 2020 and representing a year-on-year growth of 23 percent.
China, as the world’s leading steel producer, primarily exported cold-rolled coil or sheets to India. However, concerns were raised about the unfair pricing practices employed by Chinese sellers, which led to the imposition of the anti-dumping duty.
By implementing this duty for a duration of five years, India aims to safeguard its domestic steel industry from the adverse effects of dumping and maintain a level playing field for its own producers.
This move signals India’s commitment to protecting its economic interests and ensuring fair competition in the global steel market. It also sends a strong message to Chinese steel exporters, urging them to adhere to fair trade practices and maintain transparency in their dealings.
As the steel sector plays a crucial role in India’s economy and employment landscape, the government’s proactive measures to address concerns related to imports are expected to benefit the domestic industry and contribute to its growth in the long term.
