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Indian steel renew call for higher MIP

Citing industry executives and government sources, reported that Indian steel firms are putting pressure on the government to impose higher duties on imports as trade disputes and a global economic slowdown divert surplus Asian steel stocks to India. Government sources said “The steel companies have approached the ministry multiple times over the past few months, alleging China, Japan, South Korea and Vietnam are dumping various grades of low-cost steel into the Indian market and stealing market share as a result.”

Sources said “India’s top four steelmakers, JSW Steel Ltd, Tata Steel Ltd, Steel Authority of India Ltd and Jindal Steel and Power Ltd, who together control over 45 percent of India’s total steel production, are the key companies who have complained.”

Sources said “The ministry has given various indications that some measures might be taken. However, they are more likely to be non-tariff measures as India has already suffered defeat in a dispute with Japan at the World Trade Organisation on charges that New Delhi unfairly imposed import duties in 2016 to safeguard its steel industry.”

Mr Anil Kumar Chaudhary chairman of SAIL and Mr Rao from JSW Steel told Reuters they have both told the government of their concerns about imports.

Incidentally, Steel Minister, Birender Singh, told BusinessLine on 3rd March that “If you see in the last three months there was a INR 10,000 a tonne to INR 12,000 a tonne reduction in prices, so there is no situation of prices going up as being said. My personal view is that the general consumer should not feel that there is any pinch. We are very much aware of that. Steel industry has recovered from the situation that had come about over the past three-four years. I would say that we are on the correct path and if the industry will need more support to be competitive, we are ready for that. Some of the representations are with us, and a small group of industry people have suggested this to us. I don’t think there is any urgent or immediate need for that. There is no MIP…when there is nothing visible, you can use the word shelved.”
Source : MINT
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