India has enacted a five-year anti-dumping duty targeting specific types of Chinese steel, as per an official government notice. The move comes amid a 62% on year rise in steel imports from China to India between April and July. China sold 0.6 million metric tons to beat South Korea to become the biggest steel exporter to India.
During this period, India's steel imports touched a record high in 2020, increasing by 23% to 2 million metric tons. China was the second-largest exporter of steel to India, falling behind only South Korea, according to Reuters.
Steel secretary Nagendra Nath Sinha stated earlier this week that the government was keeping a close eye on steel imports, following apprehensions raised by the domestic industry about potential unfair trade practices by Chinese sellers. China predominantly exports cold-rolled coils or sheets to the Indian market.
While India has taken action, similar steps are being considered on the other side of the globe. The United States and the European Union, as per Bloomberg, are in negotiations to formulate new trade tariffs that would target excess steel output, particularly from China.
It was earlier reported on September 7 that the tariffs would largely zero in on imports that gain an unfair advantage from non-market practices. However, discussions about the exact scope of these tariffs and other countries that might be impacted are still underway.
These deliberations form a part of the Global Arrangement on Sustainable Steel and Aluminum, a framework that the EU and the Biden administration have been discussing since last year.
The goal is to resolve a longstanding dispute ignited when former US President Donald Trump initiated tariffs on metal imports from Europe, citing national security concerns. Both the US and the EU currently impose roughly a 25% tariff on a variety of steel imports as safeguard measures, Bloomberg reported.