Government Unlikely to Raise Barriers Against Cheap Steel Imports
What Happened
India's steel ministry is unlikely to introduce new measures to curb cheap steel imports in the near term, despite requests from domestic producers. India imported 3.5 million tonnes of finished steel during April-August, up 29.5% year-on-year, with China accounting for nearly 32% of shipments.
Key Takeaways
The government has already imposed a safeguard duty on certain steel grades and is investigating hot-rolled steel imports from China, Japan, and Russia. However, officials currently see no need to raise the existing 11.5% safeguard duty, citing already high domestic steel prices.