Indian steel producers seek to halt steel imports from Iran

Monday, 18 March 2019 11:50:16 (GMT+3)   |   Kolkata

India’s domestic steel industry has sought government intervention in curbing steel imports from Iran transshipped through the United Arab Emirates (UAE), the Indian Steel Association (ISA), the representative body of Indian steel producers, has said in a communication to the India’s Ministry of Steel.

According to the Indian steel producers, steel imports from Iran transshipped through the UAE during the April-December period of 2018 were estimated at 175,000 mt, more than the imports from Iran during the entire previous fiscal year.

The ISA in its communication to the Ministry of Steel has estimated that in the full fiscal year 2018-19 Iranian steel shipments into India will total around 234,000 mt.

It was pointed out that the landed price of Iranian hot rolled coil (HRC) was around INR 36,350/mt ($527/mt) which was sharply lower than the landed price of ex-China HRC. “These predatory prices are detrimental to domestic producers,” the ISA stated.

The ISA maintained that transshipment of Iranian steel exports to India through the UAE were banned under US sanctions against Iran and the continued shipment of Iranian steel exports to India could attract retaliatory measures from the US administration.

Most Recent Related Articles

Uptrend in India’s import scrap market reverses, outlook bearish

India’s RINL produces 1.15 million mt of steel in April-August

Sale of stake in Indian state-run steel mill NINL to start on Sept 22

Indian mills hike rebar prices to offset higher costs, risking further sales slowdown

Local Indian CRC price uptrend takes pause, outlook strong