The volumes of steel imported to India are shrinking
The Ministry of Metallurgical Industries of India reported April results on the import of products. According to them, the import of steel into the country reached 654,000 tons. This indicator is lower by 34.2% compared to March indicators. Compared to April 2015, the reading fell by 15.5%. April results for the first time in the last year and a half have demonstrated a minimum level. In 2015-2016 fiscal year, national companies imported about 11.71 million tons of steel. In the history of the metallurgical sector of India, this figure is a record. In the previous financial year, the volume of purchases reached 9.32 million tons of products.
Such indicators were achieved thanks to protective measures taken by the Indian government. In recent months, protective duties have been established. They affected hot-rolled steel. Also, the minimum cost of imported products was introduced. The list included more than 170 types of semi-finished products, rolled products. In addition, anti-dumping investigations were initiated. Already in April 2016, the results of the measures taken have proved to be sufficient.
According to the Ministry, the April production of national products reached about 7.5 million tons. Compared with April 2015, the result improved by about 3%. The volume of consumption was about 5.75 million tons. Relative to 2015 there is an improvement of 5%. At the same time, the volume of export of products fell by 27%, amounting to 308,000 tons. To date, national steelmakers prefer to supply the goods to the domestic consumer. So the products can remain competitive against the background of sharply increased the cost of imports.
Meanwhile, in early May, the US Department of Commerce set anti-dumping duties. They touched stainless pressure pipes manufactured by Indian manufacturers. The investigation found that the dumping margin reaches 18.9%. The amount of the preliminary fees is 16.9%. The investigation began in October 2015. The initiators of the claim were the American manufacturers of stainless pipe products. The list of dissatisfied companies included the company MarcegagliaUSA, OutokumpuStainlessPipe, FelkerBrothersCorp, BristolMetals. The final decision regarding this claim will be made in September 2016.
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