India Inc fears steel dumping by China
Indian steel makers are apprehensive that with the increase in tariffs by US, China could dump large quantities of steel into the Indian market. The industry has asked the Government to protect its interests by imposing safeguard duties of upto 25% on products deemed to be imported below the cost of production.
Despite being the second largest steel producer in the world, India became a net importer of the commodity in 2018-19 after a gap of three years. India hasn’t really penetrated the high end steel segment and has also lost out to cheaper exports from competitors like Japan, China and South Korea.