Jindal Stainless wants the government to curb steel imports.
Jindal Stainless is looking to the government for help to stem the rising tide of steel imports. “We strongly want the government to take some action to monitor the imports of these products. MD Abhyuday Jindal stated that the government has the ability to impose anti-dumping duties (ADD) and countervailing duties (CVD) on the import of the products in question.
NEW DELHI: Jindal Stainless Ltd. (JSL), a manufacturer of stainless steel, has asked the government to step in and stop rising imports of steel products from a few nations, particularly China.
According to Abhyuday Jindal, managing director of Jindal Stainless Ltd (JSL), a select few nations, particularly China, are oversaturating the local market with their goods.
“We demand that the government take action to monitor these imports. The government has the authority to impose anti-dumping and countervailing duties (ADD and CVD) on the import of the goods, the speaker stated.
The share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal, and the USA grew in India’s total steel imports in June 2023 compared to June 2022, according to official data.
In June 2023, India’s imports of steel increased 7.6% over the corresponding month in the previous year, reaching 4.84 lakh metric tonnes.
Vietnamese imports were 1% in June 2022 and imports from China were 26.1%.
However, in June 2023, Vietnam’s share of India’s steel imports was only 4.8 percent, with 37.1 percent coming from China.
The industrialist responded, “It is a long-standing demand of the industry,” when asked about having a separate policy structure for the stainless steel industry.
Despite our circumstances, the laws and policies created for the steel business affect us.
The Indian stainless steel sector is working much below its potential; in order to create a level playing field, it needs government backing.
The sector is waiting for the government to decide favourably whether to impose a countervailing duty (CVD) to stop China from dumping large quantities of cheap stainless steel into India.
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