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Indian stainless steel firms seek protection from imports

Indian stainless steel makers have urged the government against giving any tariff concessions to China as a part of Regional Comprehensive Economic Partnership (RCEP) negotiations and have sought also a review of all existing FTAs with Japan, ASEAN and Korea which have proved detrimental to Indian interests. 

Indian Stainless Steel Development Association feels there is a huge threat of dumping of stainless steel flat products from Indonesia, China and also Taiwan, Japan and Korea, all major exporters to the US and Europe. With those markets now blocked out, these countries will target India and the industry fears a return to the crisis in 2015-16 when imports had crossed half a million tonnes.

Abhyuday Jindal, managing director of JSL, said “The industry needs government support to rein in imports, particularly under RCER. Our cost competitiveness is also affected by duty on raw material like stainless steel scrap which is not available in the country,” he added. In contrast, China has a favourable duty structure on raw materials as well as finished goods.”

While there are currently no trade remedial measures in place against Japan, the existing antidumping duties on Korea and Taiwan are low. Zero-duty benefits on stainless steel under the India-Korea and the India-Japan FTA are expected to further drive imports from these countries.
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