India’s steelmakers push for temporary import tax
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Update time : 2024-11-20 19:00:55
India's steelmakers, represented by the Indian Steel Association (ISA), are urging the government to impose a temporary tax to curb surging steel imports from China, Japan, South Korea, and Vietnam.
Imports, which hit a seven-year high of 5.7 million metric tons in April-October 2024, are undermining domestic producers by displacing up to 20% of market segments and driving down prices.
The ISA warns of severe financial stress, with steelmakers' margins falling by 68-91% in 2024-25, affecting capacity expansion and investor confidence.
The Directorate General of Trade Remedies (DGTR) has asked the ISA to file a formal petition for an anti-dumping investigation, which could lead to safeguard duties. JSW Steel and other major producers have already reported declining profits due to cheap imports.
