Wait...
  1. Home >
  2. Export Import News >
  3. Import News >
  4. Local companies in a fix as steel imports surge >
  5. Local companies in a fix as steel imports surge

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Local companies in a fix as steel imports surge.


Date: 11-09-2019
Subject: Local companies in a fix as steel imports surge
KOLKATA: A sharp increase in steel imports from partner countries under Free Trade Agreements (FTA) last month has sent alarm bells ringing, with local mills approaching New Delhi to exclude the infrastructure alloy from the list of items to be favourably covered by a wider trade pact.

The increase comes at a time when overall steel imports showed a decline of 6.5% in July 2019. India now has FTA with 13 countries, but recent talks under the proposed Regional Comprehensive Economic Partnership (RCEP) — a 16-country pact that would include China — has raised the likelihood of higher steel imports at zero duty.

Shipments at zero duty from FTA countries have shot up by 67% in April-July 2019, according to the latest available industry data, against a 58% increase in the same period last year (April-July 2018).

Imports climbed from 586,000 tonnes in April to 856,000 tonnes at the end of August. Of this, in August alone, FTA imports climbed 0.8% even as shipments from non-FTA countries attracting 7.5% duty have declined.

“The real threat appears to be imports at zero duty from FTA countries,” said Seshagiri Rao, joint MD, JSW Steel.

Steelmakers are getting increasingly apprehensive about the presence of China in the proposed RCEP. The platform includes 10 Asean member countries --Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam and their six FTA partners--- India, China, Japan, South Korea, Australia and New Zealand.

Commerce minister Piyush Goyal has held sector specific meetings in light of the upcoming RCEP negotiations. Steelmakers have been demanding that steel products be kept out of the purview of the RCEP.

In particular, domestic steel players have raised concerns over significant reduction in customs duties under the proposed pact.

The steel sector, already reeling under the threat of imports, is anxious that a trade deal may lead to dumping of goods by China, with whom India had a $53-billion trade deficit in 2018-19.

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 25-08-2020



Date: 06-07-2020
Notification No. 29/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, to increase the rate of duty of customs on imports of Phthalic Anhydride originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement, on recommendation of preliminary findings of Directorate General of Trade Remedies under India-Korea Comprehensive Economic Partnership Agreement (Bilateral Safeguard Measures) Rules, 2017.

Date: 02-07-2020
Notification No. 55/2020 - Customs (N.T.)
Exchange Rates Notification No.55/2020-Custom (NT) dated 02.07.2020.

Date: 01-07-2020
Notification No. 58/2020 – Central Tax
Seeks to make eighth amendment (2020) to CGST Rules

Date: 30-06-2020
Notification No. 54/2020-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg.

Date: 30-06-2020
Circular No.31/2020-Customs
Extension of validity of AEO certification for ease of renewal process (Modification in Circular No. 27/2020 dated 02.06.2020) [Circular No. 31/2020 - Customs dated 30.06.2020].

Date: 30-06-2020
Notification No. 57/2020 – Central Tax
Seeks to amend notification no. 52/2020-Central Tax in order to provide conditional waiver of lat fees for the period from July, 2017 to July, 2020.

Date: 30-06-2020
PUBLIC NOTICE No. 11/2015-2020
Extension of validity of Recognition of Pre-shipment Inspection Agencies (PSIAs

Date: 29-06-2020
Trade Notice No. 17/2020-2021
Procedure and Criteria for submission and approval of applications for export of PPE Medical Coveralls for COVID-19

Date: 27-06-2020
Notification No. 55/2020 – Central Tax
Seeks to amend notification no. 35/2020-Central Tax in order to extend due date of compliance which falls during the period from "20.03.2020 to 30.08.2020" till 31.08.2020.



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001