Page 5 - Steel Imports

Indian traders scoop up cheaper Chinese steel, says industry execs

Indian traders are buying the grades used in automobiles and construction, main drivers of domestic steel demand, the officials and analysts said

China, Vietnam's share in India's steel import basket rises during Jun 2023

The share of countries like China and Vietnam in India's 4.84 LMT steel import basket during June 2023 has increased on a year-on-year (y-o-y) basis, according to official data. At 4.84 lakh metric tonne (LMT), India's overall steel import registered a 5.9 per cent increase on a month-on-month (m-o-m) basis and 7.6 per cent over June 2022, the Ministry of Steel said. "Share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the USA increased in total steel imports of India in June '23 as compared to June 22...," it said. In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent. However, in June 2023, the import from China contributed 37.1 per cent and Vietnam's share was 4.8 per cent in India's steel import basket. The development assumes significance as India has set an ambitious target to increase its steel making capacity to 300 million tonnes and Indian players eyeing for a significant share in the global steel markets. While India's export of .

India's April-May finished steel imports from China at six-year high

In April and May, China emerged as the second-biggest steel exporter to India, selling 0.2 million metric tons of the alloy, up 62% from the same period a year earlier

DGTR for continuation of anti-dumping duty on China steel wheels for 5 yrs

The commerce ministry's investigation arm DGTR has recommended for continuation of anti-dumping duty on Chinese steel wheels for five more years with a view to guarding domestic players against cheap imports. In a notification, the Directorate General of Trade Remedies (DGTR) has said that continuation of the existing duties on the imports of Flat BaseSteel Wheels from China would address and mitigate the likelihood of injury to the domestic players. "The authority considers it necessary to recommend the continued imposition of existing definitive anti-dumping...for another period of five years...," the DGTR has said. The directorate has recommended USD 613 per tonne duty on the product. The finance ministry takes the final decision to impose this duty. The product is used in tubed tyre applications in commercial vehicles. In its probe, the DGTR has concluded that there is likelihood of continuation/recurrence of dumping and injury to the domestic industry if the existing duties a

Steel industry saved Rs 34,800 cr forex by reducing imports: Scindia

The government policies for steel sector helped the country save Rs 34,800 crore in foreign exchange by reducing imports and added around 60 million tonnes (MT) of crude steel capacity, Union minister Jyotiraditya Scindia said. India pushed Japan to third place to become the world's second largest steel producing nation, the minister for steel said while addressing a press conference titled 'The 9-years of government's seva, sushasan and gareeb kalyan focusing on steel sector'. From an installed capacity of 109.85 MT in 2014-15, India's steel capacity increased by a sharp 46 per cent to 160.30 MT in 2022-23, he said, adding the total production rose 42 per cent from 88.98 MT to 126.26 MT. The per capita steel consumption also rose from 60.8 kilogramme to 86.7 kg during the said period, registering a rise of 43 per cent. As per the National Steel Policy 2017, the country aims to scale up the capacity to 300 MT by 2030-31 and production to 250 MT. While the target is to increase the

India's April finished steel imports from China hit five-year high

India imported 0.5 million tonnes of finished steel in April - the highest since 2019 - up 38.2% from a year earlier, the data showed

Steel export falls five-year low, imports at four-year high in FY23

During April-January, India's imports of Russian steel reached an eight-year high, and shipments were nearly five times higher than in the same period a year ago

Building boom sets up India as saviour for flagging global steel demand

Inward shipments rose 15% in April through October from a year earlier to 3.1 million tons, according to government figures

India's finished steel imports from Russia hit 4-year high in April-October

India's finished steel imports from Russia during April-October rose to their highest in at least four years, government data showed

Export levy impact: Tata Steel deliveries drop 2% YoY despite higher output

Tata Steel said domestic despatches were up 5% YoY, leveraging a strong marketing network and an agile business model

Imposing duty on steel items a knee-jerk action for industry: ISSDA chief

The government's objective behind the move was to cool down steel prices. However, the prices anyway had started showing a downward trend, the industry expert said.

EU to increase tariffs on India, Indonesia stainless steel imports

The European Union will increase tariffs on stainless steel products from India and Indonesia after determining they benefited from unfair subsidies, including some from China under its BRI programme

Centre not to impose anti-dumping duty on certain steel products

The government has decided not to impose anti-dumping duty on certain steel products being imported from countries like China, Japan, and Korea

Dependence on imports in the steel sector is worrisome: R C P Singh

Newly appointed Steel Minister says the announcement of the Rs 6,322-cr PLI scheme for specialty steel is another step towards 'Atmanirbhar Bharat'

Tata Steel: Rising demand, steel prices and integrated ops bode well

During Q2, Tata Steel not only achieved its highest-ever domestic deliveries of 5.05 million tonnes (MT), volumes at its European operations too, rebounded to year-ago levels

Govt expands scope of steel import monitoring

The importer can apply for registration not earlier than 60th day and not later than 15 days before the expected date of arrival of import consignment

Covid-19 casts a new light on steel as rural India provides some succour

With rural India being the only bright spot in the pandemic, steelmakers are looking beyond automobile and exports to daily-use products

Steel imports worth Rs 20,000 cr avoided due to DMISP policy: Pradhan

Domestically manufactured iron and steel products (DMISP) policy was launched in 2017 and has helped India avoid steel imports worth over Rs 20,000 crore

Despite encouraging signs, steel makers not out of the woods yet

Anti-dumping duty on Galvalume steel is positive but more is required to boost the sector ailing under low demand and realisation

India slaps anti-dumping duty on steel from China, Vietnam, Korea

The duty is applicable on products originating from or exported from China, Vietnam and Korea and imported into India