JSW Steel seeks 25% duty on steel imports
2019-09-24 10:58:04 [Print]
JSW Steel on Monday demanded a 25 percent safeguard duty on imports of steel to protect domestic players.
JSW Steel Joint Managing Director and Group Chief Financial Officer Seshagiri Rao said this while speaking to reporters on the sidelines of an industry event here.
On domestic steel sector being impacted due to the ongoing trade war between the U.S. and China, he said it is a matter of concern. Lot of diversion of steel products is happening into India, affecting domestic industry.
In August, import went up and a major part of it was from FTA countries. Most of the countries have taken protectionist measures and domestic steel industry has also been seeking safeguard duty, he said.
According to official data, in 2018-19, finished steel exports stood at 6.36 MT, a decline of 33.87 per cent compared to the previous year. Imports stood at 7.83 MT, a growth of 4.7 per cent from last year. Thus, India was a net importer of total finished steel.
In August 2019, share of imports of finished steel from FTA countries such as Korea, Japan and Indonesia aggregated around 70 per cent of total imports to India.
JSW Steel Joint Managing Director and Group Chief Financial Officer Seshagiri Rao said this while speaking to reporters on the sidelines of an industry event here.
On domestic steel sector being impacted due to the ongoing trade war between the U.S. and China, he said it is a matter of concern. Lot of diversion of steel products is happening into India, affecting domestic industry.
In August, import went up and a major part of it was from FTA countries. Most of the countries have taken protectionist measures and domestic steel industry has also been seeking safeguard duty, he said.
According to official data, in 2018-19, finished steel exports stood at 6.36 MT, a decline of 33.87 per cent compared to the previous year. Imports stood at 7.83 MT, a growth of 4.7 per cent from last year. Thus, India was a net importer of total finished steel.
In August 2019, share of imports of finished steel from FTA countries such as Korea, Japan and Indonesia aggregated around 70 per cent of total imports to India.
