India’s imports of finished steel from China hit an eight-year high, raising concerns among domestic steelmakers. The government has launched an investigation into whether to impose safeguard duties on steel imports to protect the domestic industry.
The Indian Steel Association said in a statement published by Platts that the surge in imports has caused “serious damage” to the domestic industry and threatened its competitiveness, according to the Middle East News Agency.
For the Indian steel industry, preliminary government data shows that finished steel imports from China hit a new record in the first eight months of the fiscal year ending in March. The news quickly raised concerns among domestic steelmakers about the influx of cheaper Chinese shipments.
India is the world’s second-largest producer of raw steel. However, the subcontinent has turned into a net importer during the period, with finished steel imports hitting an eight-year high. Overall, imports rose to 6.5 million tons, an increase of more than 26% compared to the previous year.