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India fears China could soon start flooding excess steel into its market after the US raised tariffs on Chinese products due to the escalating trade war between the world’s two largest economies, according to government sources and industry officials.
As a result, the steel industry has asked the Centre to put in safeguard duties of as much as 25 per cent to protect it from growing imports.
China has excess (steel) capacity and there is a concern they could re-route it through other countries like Vietnam and Cambodia into India,” an Indian government source with direct knowledge of the matter said. “Steel sector is vulnerable,” the source said.
“China, Japan, Korea which are major exporters to US, Europe and Canada, because of trade actions, they are also diverting steel into India,” Seshagiri Rao, Joint Managing Director at JSW Steel Ltd, told Reuters.
“It is very much essential for government of India to increase the safeguard duty to 25 per cent as soon as possible,” said Rao.
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