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India's Steel Ministry holds "open door" consultations on steel imports

Министерство стали Индии проводит консультации «открытых дверей» по импорту стали
The Indian Ministry of Steel has called for "open door" consultations on various issues related to steel imports, the ministry said in a statement on Thursday, October 23.

Companies and associations can submit their questions at the open day scheduled for October 27 in New Delhi, the statement said.

This comes after the domestic steel industry, as well as government agencies such as the Reserve Bank of India (RBI), claim that indiscriminate steel imports are affecting the competitiveness of domestic producers.

"Dumping cheap steel from global producers may pose a risk to domestic steel production that can be mitigated through appropriate policy measures," the RBI said in a recent report.

The government has already imposed a 12 percent protective duty on imports of certain types of steel products into the country for three years. The duty was introduced on the recommendations of the Directorate General for Trade Protection Products (DGTR) under the Ministry of Trade and Industry

However, domestic steel producers such as JSW Steel Limited have called for a review of the protective duty to ensure that dumping does not occur.

In a recent statement, JSW Steel Limited stated that the protective duty in its current form is insufficient. The company noted that the rest of the world is considering the possibility of introducing additional tariffs. Europe is proposing to reduce the quota by half compared to the existing one and double the duty to 50 percent. After consistently complying with protective measures for eight years, they are now considering another mechanism to protect their shores, as they believe that these duties have not proved effective enough.



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