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India has become a preferred dumping destination for global steel mills

Worried over the rising import of steel products in India, the government has been mulling over increasing the import duty on steel products from the current level of 5%. Terming the duty to be ‘insufficient’, the steel industry has demanded it to be raised to 20% instead.

India has become a preferred dumping destination for global steel mills due to two major factors, rise in domestic steel consumption and lower price of steel products in international markets (due to oversupply). Favouring the increase in import duties, the management of steel major, SAIL, recently gave its view stating that “If the government considers raising the protection level by raising the general import tariff, I suppose that would be welcome at this point."

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