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The Union Ministry of Steel had asked the Trade Ministry to investigate cheaper steel imports from China and Vietnam because of high import rates in New Delhi, said a government official.
Provisional government data indicated that India, which is the world’s second largest crude steel producer, became a net steel importer in the fiscal year through March, and finished steel imports touched their five-year highest level in April and May this year.
The discussions are not public and therefore, the source declined to be identified, but he told Reuters, “We have said that the trade ministry should investigate these imports and offer its recommendations to the finance ministry, which will take the final call.”
Last week, JSW Steel held consultations with the union government regarding commercial remedies against surging inputs, specifically from China and Vietnam, as per a report by Reuters.
Two weeks ago, during a meeting with EU officials, this same source noted that its carbon-producing industries would be unfairly discriminated against if higher taxes were imposed on them.
Separately, the Steel Ministry is in talks with mills to diversify imports of coking coal, a key steelmaking raw material, from countries including Russia, Canada and the United States, the source said, as India tries to cut its reliance on Australia, its biggest supplier.
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