Indian steel industry concerns rise with record increase in cheap imports

India’s steel ministry unveiled latest annual imports numbers, indicating shipments rose to a record last year as buyers took advantage of cheap products from China, which began flooding the market after its economy slowed and domestic demand shrunk dramatically.

Provisional data from the ministry showed imports were up 20 percent to 11.2 million metric tonnes in the fiscal ending March, with incoming shipments rising 18 percent to 994,000 tons last month alone.

India, under pressure from domestic companies, have taken steps to curb cheap imports by imposng safeguard duties on steel products and levying minimum import prices on some other products. There are expectations that impors will decline in the current fiscal as the new duties kick in.

 

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