Amid fears of dumping into India following steep us duties on chinese goods, the government has imposed a 12 per cent safuguard duy on non-alloy and alloy steel flat products, a notification free of the ministry of finance. Released on Monday showed.
This Follows an Investigation By the Directorate General of Trade Remedies (DGTR), Under the Ministry of Commerce and Industry, which in its findings last month that there was a “Sudden and Sham” Surge in Imports. “Cause Serious Injury to the Domestic Industry”.
“The safeguard doy imposed under this notification shall be effective for a period of two hundred days (unless revoked, supersed or apend earlier) from the date of this novice in this official gazette and shall be. Payable in Indian Currency, ”The notification is stated.
Notably, Several Specialized Steel Items Have Been Excluded from the Scope of the Measure, Including Cold Rolled Grain Oriented Electrical Steel (CRGO), TinPlate Steel, Stainless Steel, Rubber-Stele, Brass-Bras. Steel, and aluminum-coated steel, Among others.
The notification is added that the safguard do not apply to product categories priced on the import price on a cost, insurance and freight (CIF) Basis – Set at AT $ 675 per metric tonne (m) for hot rolls. Sheets and plates, and $ 964 per mt for color-coated coils and sheets, wherer or not profiled.
Fearing a Further Surge, The Ministry of Steel Had Last Year Urged the Ministry of Commerce to Impose A 25 Per cent Duty on Steel Products, Citing an 80 Per Cent in Steel Imports from Chomna –to 1.61 Million. Between January and July 2024.
In its submission to the ministry of commerce and industry, the Indian Steel Association (ISA) Had Said that Since the United States Imposed A 25 Per Cent Duty section 232 of ITS Trade Trade Act, 1962 have intrusive multiple trade remedy measures against steel imports. “The Evidence Indicates That 129 Trade Remedy Measures were imposed by Various Countries Against Steel Products Between 2019 and 2023,” Isa Had Said.
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The isa warned that surge in imports poses a threat to domestic manufacturing, as there is significant overcap acceptance far exciting domestic consumption in china, japan and south korea. “To mitigate the decline in steel consumption for long products, chinese steel companies shifted a significant percentage of their production from long to long products, which now without being exported to global markets,”.
The dgtr, in its findings last month, also flagged that major steel-producting economies such as japan, south korea and china have capacities far beyond their domestic needs. It is warned that this except capacity Could Push Steel Producers in these countries to increases exports – Posing a serious threat to Indian export.
However, Engineering Export Promotion Council of India (EPC India) Chairman, Pankaj Chadha, Said that additional measures are needed to Protect msmes and user industries from potential pricle price price price price price price. Disruptions.
“There should be a provision for Msme Units to Procure Steel At Export Parity Prices to Ensure Their Global Competitiveness. Any single source, “Chadha said.
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Highlighting Concerns Over Domestic Price Escalation, Chadha Added That Tariff Rate Quota (TRQ) Price As a Benchmark Could Help Help Mainton Price And Ensure Affordable Raw Merw Material Supply Fer. Engineering and manufacturing sectors.