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Import monitoring intensified, exploring countervailing and anti-dumping duties: HD Kumaraswamy
Union Minister of Steel and Heavy Industries H. D. Kumaraswamy during 'IMTEX 2025' International Machine Tool and Manufacturing Technology Exhibition, in Bengaluru, Thursday, Jan. 23, 2025. (PTI Photo)(PTI01_23_2025_000355A)
Dr.G.R.Balakrishnan Jan 27 2025 Exim & Trade News

Import monitoring intensified, exploring countervailing and anti-dumping duties: HD Kumaraswamy

India’s steel ministry has intensified monitoring of imports while there are talks of imposing countervailing and anti-dumping duties where necessary to protect domestic industry from Chinese offloading of the metal, including shipments routed through other FTA countries, HD Kumaraswamy, Union Minister for Steel and Heavy Industries told businessline.

Donald Trump’s ascendancy in the US has led to a situation where tariff wars with China – where domestic economy is yet to pick up – that could end up in excess steel being exported with India being a soft target. “The global steel market is undoubtedly under pressure due to supply excesses in China and subdued demand. To mitigate risk of cheap imports, including potential dumping from China, the Ministry has intensified monitoring. We are (also) exploring options to impose countervailing and anti-dumping duties where necessary,” he said. “We are (also) encouraging steel manufacturers to explore high-value applications (offerings) and diversify the product portfolio to stay competitive.There are ongoing dialogue with industry to ensure fair domestic pricing and safeguard consumer interests,” he said.

According to Kumaraswamy, the Ministry has initiated discussions with the European Union over its proposed trade barriers. Talks have been initiated with multilateral organisations and through necessary diplomatic channels to bring down any such protectionist measures.“The Ministry is closely engaging with its European counterparts and multilateral organizations to ensure a fair and transparent trading environment. We are advocating for adherence to WTO norms and addressing concerns through diplomatic channels,” the Minister said.

The European Union (EU) has reportedly initiated a review of safeguard measures that currently apply to certain steel imports into the region, a move that could impact India’s steel exports. The safeguard measure is in the form of an import quota wherein products imported within the assigned quota enter the EU market at zero tariffs or lower tariffs. Once the quota is exceeded, a tariff is imposed on the product which, in the case of steel, is 25 per cent.

Indian steel exports to the EU range between 15 and 40 per cent, with the former representing the lowest value and the latter representing the peak value.. New markets for exports of the metal that include across ASEAN, Middle East and African nations are being explored. The Minister added: “India is also focusing on diversifying export markets to reduce dependence on Europe. Enhanced trade ties with ASEAN, Middle East, and African nations are being explored.” Indian steel exports in select Middle East markets are under stress in view of rising Chinese offers, globally.

According to Kumaraswamy, appropriate policy interventions – safeguard measures, imposition of anti-dumping duties and stricter quality controls - to curb excessive imports are being explored to protect domestic industry. He expects picking up of PLI schemes including the thrust of on PLI 1.1 – the newly launched incentive scheme – will help improve self-reliance and bring down imports.

A special thrust on pushing green steel investments are also being looked into. ...“To attract private investments, the Ministry is offering fiscal incentives such as tax benefits and subsidies on green technologies. We are also exploring partnerships with global organizations and multilateral agencies to access green funds and technical expertise,” Kumaraswamy said.

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