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Affected by the US steel ban, the Indian government plans to levy a steel import tax

Aug. 15, 2018

With the sudden surge in steel imports from China and other Asian countries, the central government is considering recommending tariffs on imported steel to prevent large-scale dumping of steel in India.

According to the General Administration of Trade Relief (DGTR), the Ministry of Steel has informed them about the large-scale dumping of steel in China, Japan and South Korea in the first quarter of this fiscal year, especially after the ban was imposed in the United States.

According to the report, “the steel sector is worried about a sudden surge in imports. Since April, steel imports, mainly from China, Japan and South Korea, have increased significantly, which has caused great damage to domestic companies.”

Therefore, local steel producers require a safeguards tax. “We received a request from the Ministry and are considering it,” an official of the Trade Relief Administration said in an interview.

According to the steel sector, steel imports from China during the period from April to June were 3,62,000 tons, an increase of 67% from January and March of 2,17,000 tons.

As the experts warned earlier, this is a direct impact of the US steel import ban. Since Japan and South Korea enjoy tariff reductions under India's free trade agreements with them, steel imports from these countries are 10% cheaper than domestic steel, making it an advantage over domestic steel producers.

“Even if India is not affected by the direct impact of US protectionist countries on steel imports, India needs to be careful not to allow India to become a dumping ground for many products. To this end, the government must take proactive measures,” said the chairman of the Federation of Indian Exporting Organizations. Ganesh Kumar Gupta said.

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