January 27, 2021
The trend shows a decline in imports
India’s Ministry of Steel has urged local automakers to cut Japanese and South
Korean imports to support domestic producers but the automakers say they cannot
get the quality of steel they need locally.84 million tonnes.Indian steel
companies have also sought imposition of higher duties on imports. "The imports
for producing value-added steel for the auto sector is mainly by foreign
steelmakers like POSCO," the source said, declining to be identified as he was
not authorised to speak to the media."There is a surge in imports of stainless
steel flat products from Indonesia, which used to be less than 1,000 tonnes a
month until last year, has now surged to a level of 10,000 to 11,000 tonnes a
month during April to March," said K.While the government data did not specify
stainless steel import levels, industry participants have noted Hex Nuts Manufacturers
overseas supply has climbed.36 million tonnes, according to preliminary
government data given to Reuters on Friday..Stainless steel producers in India
contend that China is shipping product through Indonesia to circumvent an
additional import tax that India levied in 2017.India’s exports during the
fiscal year declined after rival steelmakers in China, Japan, South Korea and
Indonesia, blocked from markets in the United States and Europe by tariffs and
other protectionist measures, ate away at the country’s markets in the Middle
East and Africa, according to an Indian government official with close knowledge
of the matter.
The trend shows a decline in imports from China but increased
imports from ASEAN countries, indicating the circumvention phenomena in the
existing countervailing duty," said Abhyuday Jindal, managing director of Jindal
Stainless, India’s largest stainless steel producer. Pahuja, president of the
Indian Stainless Steel Development Association, a not for profit body.The
country’s finished steel exports fell by 34 per cent in the fiscal year that
ended in March to 6.New Delhi: India was a net importer of steel during the
2018/19 fiscal year, the first time in three years, as the country lost market
share among its traditional steel buyers and imports jumped on demand for
higher-quality steel domestically.K. During the same period, finished steel
imports rose 4.7 per cent to 7.Imports of value-added steel, primarily for the
auto sector and high-end electrical steel were the biggest source of imports,
the source said.Imports from the four Asian countries also climbed as they
diverted supply into India, the source said.The steel ministry did not
immediately reply to an emailed request for a comment on the import and export
data
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