India's Steel industry urges safeguard duty on Chinese imports
MUMBAI (Scrap Register): India's steel industry has urged the government to put in safeguard duties of as much as 25% to protect it from growing imports.
Steel industry fears China could soon start flooding excess steel into its market after the US raised tariffs on Chinese products due to the escalating trade war between the world’s two largest economies, industry officials said.
Reuters reports that during a meeting last month JSW, the Steel Authority of India, Tata Steel, Jindal Steel and Power, which control the country’s steel production, had asked government officials for protection amid the US-Chinese tariff row.
“China, Japan, Korea which are major exporters to US, Europe and Canada, because of trade actions, they are also diverting steel into India,” Seshagiri Rao, Joint Managing Director at JSW Steel Ltd, told Reuters.
“It is very much essential for government of India to increase the safeguard duty to 25 per cent as soon as possible,” said Rao.