India will monitor Chinese steel imports before deciding on further curbs, source says
- Exports of finished steel in May are 0.5 million metric tons, below the average of the last six months
NEW DELHI: India will monitor steel imports for at least two more months before considering whether further measures are needed to curb the flow of shipments primarily from China, a source with direct knowledge of the matter told Reuters.
In December, New Delhi had imposed a three-year import tariff on select products to curb cheap shipments from China.
But India, the world’s second-biggest crude steel producer, remained a net importer for a second straight month in May, when finished steel imports reached 0.7 million metric tons, above the last six months’ average, a government report reviewed by Reuters said.
Exports of finished steel in May were 0.5 million metric tons, below the average of the last six months, the government report said.
“We will have to see for at least two months how things pan out,” the source said, declining to be identified due to the sensitive nature of the matter.
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There was no decision yet whether it would be anti-dumping duties or other measures, the source added.
The federal Ministry of Steel did not respond to a Reuters email seeking comments.
Chinese imports hit two-year high in April
In April, China’s finished steel exports to India more than doubled to the highest in at least two years. That raised concerns among India’s steelmakers that the imposition of import tariffs has not done enough to protect them from cheaply priced imports, Reuters reported earlier this month.
Separately, the source said the steel ministry had requested the finance ministry withdraw a provisional anti-dumping duty on low-ash metallurgical coke, a steelmaking raw material, but a final decision was yet to be taken.
India’s steel ministry had made the request, citing inadequate domestic supplies and higher prices, Reuters had reported last month, citing a government document.
The finance ministry did not respond to a Reuters email seeking comments.
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