Indian steelmakers seek higher tariffs as ‘predatory’ Chinese imports surge

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Indian steelmakers seek higher tariffs as ‘predatory’ Chinese imports surge
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Indian steelmakers seek higher tariffs as ‘predatory’ Chinese imports surge

By Reuters

India’s steelmakers have called on the government to double tariffs on steel imports to curb a surge in cheaper steel shipments from China, according to a letter from an industry association seen by Reuters.

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The world’s second-biggest crude steel producer became a net importer of the alloy in the fiscal year through March and the trend has continued into the current year.

Finished steel imports from China hit a seven-year high over April-August while overall finished steel imports hit a six-year high of 3.7 million metric tonnes.

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In a letter dated September 2, the Indian Steel Association (ISA) called on Minister of Finance Nirmala Sitharaman to double the customs duty on steel imports to 15 per cent.

Bundles of steel tubes at a trading market in the outskirts of Shanghai. As surplus Chinese steel makes its way into global markets, Japanese and European steel makers have sought import curbs. Photo: Bloomberg
Bundles of steel tubes at a trading market in the outskirts of Shanghai. As surplus Chinese steel makes its way into global markets, Japanese and European steel makers have sought import curbs. Photo: Bloomberg

ISA represents major steel producers such as JSW Steel, Tata Steel, ArcelorMittal Nippon Steel India and state-run Steel Authority of India.

  

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