India has launched a safeguard investigation into imports of alloyed and non-alloyed flat steel products under certain HS codes, according to an official notification dated December 19. The Directorate General of Trade Remedies (DGTR) will investigate imports of hot-rolled coils, sheets, and plates; cold-rolled coils and sheets; and metallic-coated steel coils and sheets under specific HS codes.
The Indian Steel Association (ISA), representing major domestic producers such as ArcelorMittal Nippon Steel India, JSW Steel, Jindal Steel and Power Limited and Steel Authority of India, has sought a four-year safeguard order, claiming that the significant increase in imports has been hurting the domestic industry.
The investigation will cover the period from October 1, 2023 to September 30, 2024, and will also analyse import data for the financial years 2021-22, 2022-23 and 2023-24.
Market sources expect the investigation to help local manufacturers by reducing imports. However, it is stated that the measures will take time and low demand is the main problem in the sector. The expiry of Bureau of Indian Standards certificates of some foreign manufacturers since November has reduced imports. The products not covered by the investigation include cold-rolled grain-oriented electrical steel, electro-galvanized steel, tinplate and stainless steel.
Comments
No comment yet.