Indian steelmakers demand for protection from cheap imports

Pacing through the dwindled market scenario, steel makers in India are seeking for economic protection from cheap imports. According to the steel moguls like Jindal Stainless and Steel Authority of India (SAIL) there has been a 30% rise in cheaper im

Mumbai, India (prHWY.com) February 28, 2013 - Mumbai: Pacing through the dwindled market scenario, steel makers in India are seeking for economic protection from cheap imports. According to the steel moguls like Jindal Stainless and Steel Authority of India (SAIL) there has been a 30% rise in cheaper imports in the recent months, particularly from China. "The imports sourced in the country accounts for 34% of the domestic stainless steel market and companies are demanding to raise import duty from the current 5%," says a senior industry official.

The amount of steel sold during the April-November period in 2012 stood 6.32 lakh tonnes, wherein about 2.16 lakh tonne came from imports, disclosed the recent study revealed by Indian Stainless Steel Development Association.

Briefing further about the industry's progress, NC Mathur, President of Indian Stainless Steel Development Association said, "Of India's total steel production, stainless steel accounts for 4%, well above the global average of 2%. We've worked hard to create demand, the government must consider doing something beyond a safeguard duty."

EPC News Bureau

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