India Steel Market Hit by Unfair Imports & Dumping: Former Steel Secy

New Delhi, Aug 23 (PTI) Indian steel market is hit by “unfair imports and dumping” amid a demand slump in China and the government needs to take action in a time-bound manner, former steel secretary Nagendra Nath Sinha has said.

"If you take flat steel products, imports are certainly an issue. The slump in the Chinese market has really shaken the (domestic) market," Sinha, who superannuated on July 31, said at the 7th edition of BigMint's Indian Iron Ore and Pellet Summit on Friday.

He also warned of the price realisations getting affected due to surging imports impacting the profitability of steel makers.

"To the extent the imports currently happening are unfair and there is dumping going on and the Indian government should certainly respond to them in a timeframe," Sinha said.

His statement assumes significance as local steel players have been raising the issue of imports for months from select countries including China.

Steelmakers have raised concern that India is becoming a net importer of steel against the aim to become a global supplier of the commodity.

Sinha said "...duty prayers for imposition of the duty are being considered at a longer timeframe for about a year and a half that is not going help industry at least give them a fair hearing."

On August 16, the government initiated an anti-dumping probe into the import of hot-rolled steel products from Vietnam following a complaint by a domestic industry.

The commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR) is probing the alleged dumping of 'hot rolled flat products of alloy or non-alloy steel'.

According to the DGTR notification, Indian Steel Association has filed an application on behalf of domestic producers - JSW Steel Ltd and ArcelorMittal Nippon Steel India Ltd - seeking initiation of an anti-dumping investigation on imports from Vietnam.