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Anti-Dumping Duty on Chinese Steel: The challenges of domestic steel companies have increased due to cheap steel imported from China to India. In such a situation, the Government of India is considering giving relief to domestic production steel companies. The government may soon impose anti-dumping duty on cheap steel imported from China. Tata Group’s country’s largest steel company Tata Steel CEO and Managing Director (MD) TV Narendran said that the government is very seriously considering the steel industry’s request to impose anti-dumping duty.
TV Narendran said, the government is very seriously considering the request to impose anti-dumping duty of the steel industry. , Because cheap sugar imports are coming like floods in the Indian market and the situation has become even more serious due to the possible increase in tariffs in America. Narendran said, he is confident that after taking detailed explanation from the industry, the government will soon issue updates on this issue. The Steel Association of India (ISA) has already given an application with the Directorate General of Trade Remedy (DGTR) regarding dumping, which is being considered. Talking to CNBC-TV18, Narendran said that India is one of the best places in the world for steel production. The Indian steel industry has built the most modern and affordable steel plants.
There is also a lot of reserves of iron ore in the country, but the problem is that foreign institutions are ready to sell steel at low prices. He further said that the Chinese steel industry is in a big loss and most of the government steel companies are registering losses. Private companies operate India’s steel industry. If the companies here do not earn profits, then how will they invest in new capacity. Narendran said that if the US President proceeds on his proposal to increase duty on imports, it would directly and indirectly to damage Tata Steel. He said that Tata Steel also exports steel to the US market with its manufacturing facilities, Which will be directly affected by the increase in tariffs.
According to official data, India’s steel exports have declined by 28.9 percent to 3.99 million tonnes during April-January in the current financial year, which was 5.61 million tonnes in the same period of the previous financial year. India is currently a pure importer of steel and has imported 8.29 million tonnes of steel during the April-January of FY 2024-25.
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