The government has reviewed the steel import situation amid concerns raised by the domestic industry over the increased inward shipments, according to an industry official. Steel players have been raising concerns with various ministries including steel and commerce over the surge in steel imports from select countries like China and Vietnam.
The Ministry of Steel on December 13 held a meeting to review the import situation in the country, an industry executive said. The meeting was chaired by steel secretary Nagendra Nath Sinha and attended by representatives of various steel companies. Several ministry officials also participated in the hour-long meeting, he said.
“Steel makers informed the ministry that there has been a continuous surge in imports from countries like China and Vietnam despite the same type of steel being available in India,” a Steel Ministry official said. When asked about the steps, the official said any action can be initiated only after the study of details submitted by the steel industry to the ministry.
They have also suggested a few measures including elimination of some duty cuts and tariff rate quota where prescribed limits are set for duty free inbound shipments. The matter would also be discussed with the ministries of Commerce and Finance accordingly.
According to SteelMint, steel imports in November were higher at 1.19 million tonnes (MT) against an export of 0.32 MT. In October also, India’s steel imports were higher at 0.46 MT in October 2023, compared to exports of 0.24 MT.
Last month, Tata Steel CEO and MD T V Narendran had described the situation as a matter of concern as India became the net importer of steel in October.