Indian commercial banks have joined the domestic steel industry in seeking antidumping (AD) duties on steel imports, an official at India's Ministry of Steel said on Wednesday, April 22. The ministry official said that at a meeting between chief executive officers of commercial banks and finance ministry officials, the former sought immediate curbs on steel imports which had increased by 71 percent during the financial year 2014-15 and increased the risks to the banks from debt exposures to the domestic steel sector.
Top management at State Bank of India (SBI), the country's largest commercial bank, said that antidumping duties are needed immediately, taking cue from the US which has imposed 35 percent antidumping duties to protect its own steel industry.
Indian steel imports during the financial year 2014-15 have been estimated at 9.31 million mt, up from 5.45 million mt in the financial year 2013-14 and from 7.93 million mt in the financial year 2012-13.