The government decision to impose anti-dumping duty on stainless steel has raised the clamour for a similar fiscal measure to resist surging imports of carbon steel. Top honchos of domestic steel firms have been engaged in a dialogue with the government on this since last year.
"We have been encouraged by recent government steps to impose anti-dumping duty on certain grades of stainless steel. It shows that if the correct facts and figures are provided they are willing to take measures as and when needed.We are in dialogue with the government and are hopeful they will take some mitigating measures in case of carbon steel too," said steel industry veteran Sanak Mishra, secretary general of Indian Steel Association (ISA), a grouping of the steel majors in India.
Last week, a delegation from ISA comprising the heads of JSW Steel, Essar Steel, Tata Steel, SAIL and JSPL met finance minister Arun Jaitley on this. The group included, JSW Steel chief Sajjan Jindal, Tata Steel MD TV Narendran, SAIL chairman C S Verma, Essar Steel chairman Shashi Ruia Jindal Steel and Power Limited's Naveen Jindal. Steel minister Narendra Singh Tomar also attended the meeting.
Since September-October last year, imports have gone up to almost on 1 mt per month. "The spike in imports shows our growing dependence on steel imports. This goes against the moves by the government has launched set a target of producing 300 mt of steel by 2025 in step with a thrust on manufacturing through 'Make in India'," Mishra added.
Since September-October last year, imports have gone up to almost on 1 mt per month. "The spike in imports shows our growing dependence on steel imports. This goes against the moves by the government has launched set a target of producing 300 mt of steel by 2025 in step with a thrust on manufacturing through 'Make in India'," Mishra added.
Steel imports jumped 71 per cent between April 2014 and March 2015 to over nine million tonne (mt). Out of this, China accounted for around 2.9 mt. Compared to this, Chinese imports had amounted to 1.08 mt in 2013-14 when total steel imports touched 5.45 mt.
The union steel ministry has been supportive and had sought a hike in customs duty to 10 per cent from present level of 5 to 7.5 per cent. In the budget this year, the finance minister had hiked import duty on certain steel products, while raising the cap on peak custom duty to 15 per cent. However, on the ground, the surge imports remained unchanged in April and May 2015.
Source: ET
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