BUSINESS: Former Steel Secretary Nagendra Nath Sinha has said that the Indian steel market is affected by unfair imports and dumping due to the slowdown in demand in China and the government needs to act in a timely manner. “If you take flat steel products, imports are definitely an issue. The slowdown in the Chinese market has really shaken the (domestic) market,” Sinha, who retired on July 31, said at the seventh edition of BigMint’s Indian Iron Ore and Pellet Summit on Friday. He also warned of price realisation being affected due to rising imports impacting the profitability of steelmakers. “The imports that are currently happening are unfair and dumping is going on and the Indian government should definitely respond to them within a time frame,” Sinha said. His statement assumes significance as local steel companies have been raising the issue of imports from select countries, including China, for months.
Steelmakers have raised concerns that India is becoming a net importer of steel,
while it aims to be a global supplier. Sinha said, “…the duty prayers for imposition of duty are being considered for a long time period of almost one and a half years, which will not help the industry in at least giving them a fair hearing.” On August 16, the government initiated an anti-dumping investigation into imports of hot-rolled steel products from Vietnam after a complaint by the domestic industry. The Directorate General of Trade Remedies (DGTR), the investigation arm of the commerce ministry, is probing alleged dumping of ‘hot rolled flat products of alloy or non-alloy steel’. According to the DGTR notification, the Indian Steel Association has filed an application on behalf of domestic producers – JSW Steel Ltd and ArcelorMittal Nippon Steel India Ltd, seeking initiation of an anti-dumping investigation into imports from Vietnam.
