Surge in steel imports into India under government scanner
Post Date: 15 Sep 2014 Viewed: 323
PTI reported that the Steel Ministry is watching the rising trend in steel imports for the last few months, mostly from China, and would review the situation next month to consider any suitable action.
Mr Syedain Abbasi, Joint Secretary in the Steel Ministry said that "There had been 2% to 23% rise in steel product imports during the April-August period over the corresponding period last year. We are watching the situation."
Mr Abbasi said that "If the trend continues, we may consider suggesting steps after review by October."
He said that at present, steel import duty is at 7.5% and it could be hiked to a level of 15% without violating WTO norms.
The Ministry already alerted the customs department to check the standards and match the quality certifications of the imports, as an immediate step.
If the current trend continues, India will import around 6 million tonnes of steel against 5 million tonnes last year.