Posted on 17 Oct 2024
India's steel industry faces increasing vulnerability to trade diversion, prompting the government to consider expanding quality control (QCO) regulations on steel products to address rising imports, mainly from China. A recent review by the steel ministry revealed that India became a net importer during the first five months of the 2024/2025 fiscal year, importing 3.45 million tons while exporting only 1.92 million tons.
The surge in imports is attributed to global steel producers seeking new markets amid weak demand and high tariffs in the US and EU. Currently, 1,127 grades of steel can still enter India with a No Objection Certificate, despite quality controls on 1,279 grades. To combat dumping and predatory pricing, industry experts advocate for doubling import duties on steel.
Source:Yieh
