Jindal Stainless Ltd (JSL), a manufacturer of stainless steel, has asked the government to step in and stop rising imports of steel goods 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 shipments. 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 percentage 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 government statistics.
In June 2023, India’s imports of steel increased 7.6% over the same month in the previous year, reaching 4.84 lakh metric tons. Vietnamese imports were 1% in June 2022 while imports from China were 26.1%.
However, in June 2023, Vietnam’s share of India’s steel imports was just 4.8 percent, with 37.1 percent coming from China.
The industrialist said, “It is a long-standing demand of the industry,” when questioned about establishing a distinct policy framework for the stainless steel industry. Despite our circumstances, the laws and regulations created for the steel business affect us. The Indian stainless steel sector is working far below its potential; in order to create a fair playing field, it requires government backing.
The sector is awaiting the government’s judgment on whether to impose a countervailing tariff (CVD) to stop China from dumping large quantities of discounted stainless steel into India.
