ISSDA Demands Increased Import Duty On Stainless Steel From China

China currently accounts for nearly 50% of the world's total stainless steel production. Chinese stainless steel products have reached about 30% of the Indian market, so the stainless steel association ISSDA has demanded a double import duty in order to protect the interests of the domestic industry.

The share of Chinese stainless steel flat products in the country also increased to 30%. The main customs duty on the import of flat stainless steel products in China is 10%, as opposed to the 5% duty in India. While in Brazil it is 14%. ISSDA states that Chinese manufacturers are taking advantage of these benefits and various forms of direct and indirect support provided by the Chinese government.

The ISSDA President said that “Although India is the world's second largest consumer and third largest producer of stainless steel, the country's average per capita consumption is only about 2 kg, while the global average is 5 kg. and achieving development goals, import duties need to be increased to level the playing field for domestic steel producers, because China is using dumping and other trading practices to enter foreign markets.

It is also in the national interest to remove customs duties on key raw materials to keep Indian steelmakers globally competitive. ”In addition, import duties on raw materials in China such as scrap, nickel and Ferro nickel are virtually zero compared to 2. 5% in India, giving Chinese businesses a much higher level of protection than Indian manufacturers The problem of trade imbalances is particularly pronounced in the stainless steel industry.