Reuters reports that India will impose tariffs ranging from 12% to 30% on certain imported steel products from China and Vietnam, following a directive from the country’s Ministry of Finance. This move aims to boost and protect India’s domestic industry.
The directive, issued on September 10th, specifies that imports from China and Vietnam, such as welded steel pipes and tubes, will be subject to these tariffs for the next five years.
India’s steel consumption and production increased during the 2023-2024 period (Source: S&P Global)
Vietnam exported over 164,000 tons of steel to India in August, totaling $117 million. This marks a significant increase of 256% in volume and 211% in value compared to August 2023.
Cumulatively, India imported more than 462,000 tons of steel, worth $429 million, from Vietnam in the first eight months of the year. This represents a 15% volume increase and a 40% surge in value compared to the same period last year.
The average export price for the eight-month period to India reached $927 per ton, reflecting a 21.8% increase compared to the previous year.
Prior to this, India initiated an anti-dumping investigation into hot-rolled steel coil (HRC) imports from Vietnam in late August. This investigation includes both non-alloy and alloy steel.
Indian steel manufacturers have alleged that Vietnamese steel products are being imported at dumped prices, causing injury to the domestic industry. They argue that there are no significant differences between the products they manufacture and those imported from Vietnam, warranting the imposition of anti-dumping duties.
The hot-rolled flat steel products under investigation by India are commonly used in the automotive industry, oil and gas pipelines, cold-rolled steel production, tubing, engineering, and general fabrication. They are also utilized in equipment for cement handling, fertilizers, refineries, earthmoving, and more.
According to Nikkei, India’s steel production has witnessed significant growth in recent years, driven by increasing demands in infrastructure development, new housing, and consumer goods. The expansion of the automotive industry further fuels steel consumption in the country. India’s steel demand is projected to continue rising, with an expected increase of 8% in both 2024 and 2025.
Notably, the Indian government has been promoting the “Make in India” campaign, emphasizing the preference for domestically produced steel over imports.
“India will be the world’s fastest-growing steel market in the coming years. However, exporting to this market is not without its challenges due to trade and distribution-related issues,” said Katsuhiro Miyamoto, Vice President of Nippon Steel, as quoted by Reuters.
References: Reuters, Nikkei
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