Steel imports under scanner

Jul 12, 2010 |

Correspondent

New Delhi, July 11: The government could put steel import under the restrictive items list, due to increased imports from China. The steel ministry has asked the finance ministry to consider this option to protect the local industry.

“We have recommended to the finance ministry to consider putting hot rolled coil in the restrictive items list to protect the local industry,” said a senior official in the steel ministry.

He said that if this is done, the government will be able to check the unrestricted import from China. If the finance ministry accepts the proposal, the importers will have to give details of the end use of the steel which would curb its import into the country. This step will be only for the short term.

The move, according to officials, will ensure that imported steel is not sold at a price that is way below at what the local firms, are selling. In June, steel imports grew by 73.2 per cent to 8.9 lakh tonnes. During Q1, steel imports grew by 74.9 per cent, putting pressure on margins of on the domestic industry.

Comments

good information regarding

sibasis bhadra

12 Jul 2010 - 11:54

good information regarding steel industry

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