The new action is to strengthen the domestic steel industries, who has been complaining repeatedly about the increase in cheaper imports of steel products like long and flat coils, especially from China occupies large part of the Indian market. Steel products from other countries like Japan, Ukraine, South Korea is also being imported into the country.
Chief Executives of six major steel companies in India meet up with the Steel and Mine Minister of India, Narendra Singh Tomar, in order to discuss about the companies’ conflict regarding the increasing input cost and slow market condition, and along with that also the increasing problems with cheap imports.
According to the sources the meeting ended up with a decision of imposing a safeguard tax in all cheaper imports. The heads of companies stated the minister that the last year’s import from China exceeded all the highest records, and so the government should make required pressing to contain the situation.
The steel companies also accused Chinese imports to be lower than required quality standards, under the Quality Control Order 2012 and import classification. The chairman of SAIL, CS Verma stated that, China is exporting TMT bars, which are thermo mechanically treated, are imported to India in lower taxes as well as with export benefits. He also added that many of the Asian countries, including Thailand, have already taken action to contain Chinese imports, and it is already time that India takes action too.
Source:- metal.com
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