The Indian government is looking into issues surrounding the dumping of certain categories of steel in the country, secretary of the ministry of steel Nagendra Nath Sinha said in a statement on Wednesday, November 8.
Mr. Sinha said that the ministry of steel is reviewing cases of dumping of steel and will take a final call on a levy of antidumping duties shortly.
He called upon the domestic steel industry to report to the government any “irrational imports of steel by users”.
The statement was in response to concerns expressed by the domestic steel industry of India continuing to be a net importer of steel and claiming a rise in the dumping of steel products.
“India should start putting trade barriers as a safeguard against rising steel imports,” ArcelorMittal Nippon Steel Limited CEO Dilip Oommen said.
“India being a net importer of steel is a matter of concern. The government has assured us of intervention if imports remain on the rise. I think it is also a concern because internationally steel prices are soft because of China,” Tata Steel CEO T. V. Narendran said.
According to government data, Indian steel imports in October this year have provisionally been estimated at 570,000 mt, against exports of 290,000 mt.
However, during the April-October period of the fiscal year 2023-24, Indian steel exports have been estimated at 3.53 million mt, higher than estimated imports at 3.47 million mt.