At the beginning of the second quarter of 2019, at the request of domestic steel producers, the India’s Directorate General of Trade Remedies planned to collect evidence of the damage caused by the sudden increase in steel imports since after the US applied the 25% tax rate under Section 232 to steel imported into the US market.
Indian steel producer say the India Government should apply 25% safeguard duty on imported steel products except for some products that cannot be produced in India. According to their petition, steel exporters from Korea, Japan, China and ASEAN countries have shifted to 43% of the volume they lost from the US to India.
However, this request was strongly opposed by small and medium steel producers as well as the Consumer Association in India. From this point of view, as of May 2019, total imports accounted for only 4.68% of the total domestic steel production. In addition, domestic steel prices in India are much higher than imported steel.
If the 25% safeguard duty imposed, not only were the exporters affected, but it was also a sad scenario for the Indian domestic steel market.
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