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JSW Steel for 25 pc duty on steel imports

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Press Trust of India New Delhi

JSW Steel on Monday demanded a 25 per cent safeguard duty on imports of steel to protect domestic players.

JSW Steel Joint Managing Director and Group Chief Financial Officer Seshagiri Rao said this while speaking to reporters on the sidelines of an industry event here.

On domestic steel sector being impacted due to the ongoing trade war between the US and China, he said it is a matter of concern. Lot of diversion of steel products is happening into India, affecting domestic industry.

In August, import went up and a major part of it was from FTA countries. Most of the countries have taken protectionist measures and domestic steel industry has also been seeking safeguard duty, he said.

 

"A 25 per cent duty we are looking at on steel imports. It is very much essential..there are FTAs signed and majority of imports are coming from FTAs. Imposing safeguard duties is very much essential. All other countries have taken measures," Rao said.

According to official data, In 2018-19, finished steel exports stood at 6.36 MT, a decline of 33.87 per cent compared to the previous year. Imports stood at 7.83 MT, a growth of 4.7 per cent from last year. Thus, India was a net importer of total finished steel.

In August 2019, share of imports of finished steel from FTA countries such as Korea, Japan and Indonesia aggregated around 70 per cent of total imports to India.

He also said JSW Steel will take part in auctions of mines next year.

A number of mining leases for coal and iron ore is slated to expire in March next year.

Speaking to reporters at the same event, JSPL Chairman Naveen Jindal said his company, which at present buys iron ore from miners, will also participate in auctions in order to reduce dependence on open market for raw material.

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First Published: Sep 23 2019 | 7:35 PM IST

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