India’s steel imports in December 2015 (0.941 mt) increased by 22.8% compared to the November 2015 figure of 0.766 mt but decreased by 1.4% compared to December 2014’s figure of 0.954 mt, initial provisional steel ministry data showed.
Imports of total finished steel at 8.389 mt in April-December, 2015-16, showing a growth of 29.2% compared to same period last year.
India remained a net importer of total finished steel in the current fiscal so far, the steel ministry said in a statement.
Since June 2015, the steel sector has been provided a range of protections, including a hike in import and safeguard duties, to check cheap imports.
Analysts said exporting countries, particularly China, have been constantly adjusting (reducing) the price of steel products in line with the imposition of duties.
In June, India imposed an anti-dumping duty of up to U$316 per ton on imports of certain steel products from three countries, including China, to protect domestic producers from below-cost inbound shipments.
Then, in August, the government had hiked the import duty on base metals, including iron and steel, by 2.5%, in a move aimed at helping domestic players battle out cheap Chinese imports after the currency devaluation by China.
Next month, a provisional safeguard duty of 20% was imposed on imports of hot-rolled flat products of non-alloy and other alloy steel, which is in vogue for 200 days.
Finished Steel Imports in '000 tons |
|||
Month |
Non-Alloy (Carbon) |
Alloy |
Total |
April |
571 |
185 |
756 |
May |
785 |
131 |
916 |
June |
655 |
243 |
898 |
July |
831 |
200 |
1031 |
August |
734 |
237 |
971 |
September |
647 |
282 |
929 |
October |
844 |
337 |
1181 |
November |
585 |
181 |
766 |
December |
NA |
NA |
941 |
Total |
NA |
NA |
8389 |