India clamps down on Chinese steel, enacts 5-year anti-dumping duty as import rises 62%

India has imposed 5-year anti-dumping duty on Chinese steel as imports surge.

Sounak Mukhopadhyay
First Published12 Sep 2023, 07:36 AM IST
There was a 62% rise in steel exports from China to India between April and July
There was a 62% rise in steel exports from China to India between April and July

India has enacted a five-year anti-dumping duty targeting specific types of Chinese steel, as per an official government notice. The move, according to Reuters, comes amid a 62% rise in steel imports from China to India between April and July, compared to the same timeframe last year. China sold 0.6 million metric tons to beat South Korea to become the biggest steel exporter to India.

During this period, India's steel imports touched a record high in 2020, increasing by 23% to 2 million metric tons. China was the second-largest exporter of steel to India, falling behind only South Korea.

Also Read: Domestic steel prices under stress as China demand dips

Steel secretary Nagendra Nath Sinha stated earlier this week that the government was keeping a close eye on steel imports following apprehensions raised by the domestic industry about potential unfair trade practices by Chinese sellers. China predominantly exports cold-rolled coils or sheets to the Indian market.

While India has taken action, similar steps are being considered on the other side of the globe. The United States and the European Union, as per Bloomberg, are in negotiations to formulate new trade tariffs that would target excess steel output, particularly from China.

It was earlier reported on September 7 that the tariffs would largely zero in on imports that gain an unfair advantage from non-market practices. However, discussions about the exact scope of these tariffs and other countries that might be impacted are still underway.

Also Read: ‘Lower input cost to offset impact of low steel prices’

These deliberations form a part of the Global Arrangement on Sustainable Steel and Aluminum, a framework that the EU and the Biden administration have been discussing since last year.

The goal is to resolve a longstanding dispute ignited when former US President Donald Trump initiated tariffs on metal imports from Europe, citing national security concerns. Both the US and the EU currently impose roughly a 25% tariff on a variety of steel imports as safeguard measures, Bloomberg reported.

(With inputs from Reuters and Bloomberg)

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:12 Sep 2023, 07:36 AM IST
HomeNewsIndiaIndia clamps down on Chinese steel, enacts 5-year anti-dumping duty as import rises 62%

Most Active Stocks

Tata Steel

169.00
11:28 AM | 16 JUL 2024
2.2 (1.32%)

Oil & Natural Gas Corporation

325.80
11:28 AM | 16 JUL 2024
3.25 (1.01%)

Bandhan Bank

196.80
11:28 AM | 16 JUL 2024
1.45 (0.74%)

Coal India

516.35
11:28 AM | 16 JUL 2024
18.4 (3.7%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

HBL Power Systems

674.65
11:21 AM | 16 JUL 2024
44.6 (7.08%)

Tata Teleservices Maharashtra

82.51
11:21 AM | 16 JUL 2024
5.41 (7.02%)

Sunteck Realty

650.00
11:20 AM | 16 JUL 2024
42.5 (7%)

Godawari Power And Ispat

1,183.05
11:21 AM | 16 JUL 2024
66.55 (5.96%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    74,318.00-453.00
    Chennai
    74,755.00928.00
    Delhi
    75,266.001,294.00
    Kolkata
    75,047.001,002.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.01
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts