North India Statesman
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Mumbai: Steel prices have been strengthened for the last few weeks with the hope of imposing security duty on cheap steel imports in the country, but the trade war launched by the US is in danger of increasing steel imports and reducing exports.
The price of Hot Rold Coal (HRC) has increased by Rs 600 per tonne in March as compared to February. The price of HRC was Rs 48,400 per tonne in February, which has now increased to Rs 49,000 per tonne. In January, its price was stated to be Rs 47,000.
Most of India’s steel imports occur in the flat steel segment. Traders believe that the threat of cheap steel imports in India has increased due to the US imposition of import duty on steel and aluminum.
Domestic industry is facing competition due to cheap steel dumping in the country from China. Market sources said that domestic industries have demanded the government to impose anti-dumping duty on steel. He claims that they are suffering losses due to cheap steel imports. The government is currently investigating the case.
Concern is being expressed that the mathematics of world trade will change due to tariff war.
The US has announced a significant increase in the country’s steel imports in the current financial year due to the announcement of the US steel and 25% tariffs on Indian steel and aluminum since April, which can later become a challenge.
According to government data, steel imports from South Korea, China and Japan reached record high in the first ten months of the current financial year. Despite being the second largest producer of raw steel in the world, India has been a pure importer due to record imports of steel prepared in the current financial year.
