The order stated that imported steel goods from China and Vietnam will be taxed for the next five years.
Vietnam exported more than 164,000 tonnes of iron and steel to the Indian market last month, equivalent to US$117 million, up 256% in volume and 211% in turnover compared to the same period last year.
India imported a total of more than 462,000 tonnes of iron and steel worth US$429 million in the first eight months of the year. Compared to the same period last year, it increased by 15% in volume and 40% in turnover.
The average price of exports to India over the past eight months reached US$927 per tonne, up 21.8% year-on-year.
At the end of August, India initiated an anti-dumping investigation on hot-rolled coil (HRC) products imported from Vietnam. The investigation covers both non-alloy and alloy steel.
The hot-rolled flat steel products under investigation in India are often used in the automotive industry, oil and gas pipelines/exploration, cold-rolled steel products, pipe manufacturing, general engineering and manufacturing, cement processing equipment, fertilisers and oil refineries.
In addition, India is currently considered one of the markets with the fastest growing demand for steel in the world.
However, India’s government is promoting a campaign called ‘Indians buy Indian products’, emphasising that Indian businesses need to prioritise the use of domestic goods instead of imported products.
Vietnam is currently among the top five countries exporting steel to India. India’s steel imports from Vietnam were worth US$722 million in the 2023-2024 financial year.