Official acknowledges that implementing such measures could be challenging due to India’s free trade agreements with Japan, South Korea, Mauritius, and Asean bloc

India may impose anti-dumping duties on steel imports to protect domestic producers from cheap, subsidised foreign steel, steel secretary Sandeep Poundrik said on Wednesday.

“There is a genuine problem of supply glut due to increased imports,” Poundrik said while speaking at an industry event organised by the Federation of Indian Chambers of Commerce and Industry (Ficci).

“The industry’s demand for an anti-dumping duty is under active consideration.”

However, the official acknowledged that implementing such measures could be challenging due to India’s free trade agreements (FTAs) with countries such as Japan, South Korea, Mauritius, and the Asean bloc.

These FTAs allow for duty-free imports of steel products, limiting the impact of any potential tariff hikes.

“About 62 per cent of steel imports arrive duty-free under FTAs, so increasing basic customs duty would not impact these shipments,” Poundrik said.

He noted that while multiple measures to protect the domestic steel industry are being evaluated, addressing imports under FTAs remains a challenge.

India’s steel imports surged 41per cent in the first half of the current fiscal year, while exports declined 36 per cent. This has led to increased inventory levels for domestic steel makers. The rising imports, coupled with depressed international steel prices, have eroded the profitability of Indian steel companies.

India’s steel imports rose 41per cent year-on-year to 5.51 million tonnes (mt) in April-September 2024, according to data from BigMint. Imports from China alone surged to 1.85 mt from 1.02 mt during the same period a year earlier. In contrast, steel exports fell by 36 per cent.

Source: The Telegraph online
 

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