Posted on 13 Sep 2024
India’s Ministry of Finance has announced a five-year extension of the anti-subsidy duty on imports of welded stainless steel pipes from China and Vietnam. This is reported by NDTV Profit.
This duty was first introduced in September 2019 and will range from 12 to 30%. The safeguard measure came into effect following complaints by several industry associations that the metal products in question were being exported to India at prices below cost due to subsidies.
The move could benefit Indian metallurgists by creating a level playing field. Companies like Tata Steel Ltd., JSW Steel, Welspun Corp. will benefit from this. and Ratnamani Metals&Tubes.
The increase in steel imports from Southeast Asian countries has harmed the country’s steel industry. According to the results of the 2023/2024 financial year, India became a net importer of metal products, the same trend was observed in April-July 2024. China, South Korea and Japan remain the leading exporters, but Vietnam is also becoming one of the key players in the Indian market.
As GMK Center reported earlier, in August 2024, steel companies of China increased the export of steel products by 21.3% compared to the previous month, and by 14.7% compared to August 2023 – to 9.5 million tons. Low domestic sales and fears regarding the growth of trade conflicts in the future contributed to hype sales. Steel shipments abroad during January-August 2024 increased by 20.6% y/y – up to 70.58 million tons. This is the highest indicator since 2016.
Source:GMK Center
