CURRENT AFFAIRS
CURRENT AFFAIRS
Description
India has launched an anti-dumping investigation into the import of hot rolled flat products from Vietnam in response to accusations that these products are being supplied at drastically lower costs, harming the domestic steel industry. The action, prompted by requests from major Indian steelmakers such as JSW Steel and ArcelorMittal Nippon Steel India (AM/NS India), aims to mitigate the negative effects of low-cost imports on the domestic market, notably under the India-Asean free trade agreement.
Concerns Expressed By Indian Steelmakers
Indian steelmakers are increasingly concerned about the flow of low-cost steel imports from China, rerouted through Vietnam, which are undercutting domestic steel prices. The Indian Steel Association (ISA), which represents major steel producers, has petitioned the Directorate General of Trade Remedies (DGTR) to investigate these imports.
Scope Of The Investigation
The DGTR's notification, dated August 14, 2024, certifies the launch of an anti-dumping investigation into hot rolled flat goods of alloy or non-alloy steel from Vietnam. The probe will last 15 months, beginning January 1, 2023 and ending March 31, 2024. The goods being investigated range in thickness from 25 mm to 2100 mm in breadth.
Impact On The Domestic Steel Industry
Indian steelmakers have stated that the dumped imports have had a substantial impact on their cash profits, market share, and return on investment. The petitioners have sought that anti-dumping duties be imposed retrospectively in order to alleviate the industry's financial pressure. The continued influx of cheap imports threatens major steel companies' development plans, which include investing billions of dollars to increase India's steel production capacity to 300 million tonnes by 2030-2031.
Market Trends And Shift
According to a CRISIL analysis, India became a net importer of steel in fiscal 2024, with a trade imbalance of 1.1 million tonnes, reversing its position as a net exporter since 2017. Vietnam, along with China, South Korea, and Japan, has emerged as a major exporter to India, with exports increasing by 130% year on year. This trend resulted in the greatest levels of completed steel imports in five years during April-May 2024.
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