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Steel imports from Japan, South Korea surge
News:
- Imports of steel products used in construction more than doubled to nearly 22,000 tonnes.
Important facts:
2. As per the government documents, India is being hit by steel producers in Japan and South Korea.
3. This is so because mills there redirect supply after U.S. President Donald Trump slapped an import duty on the alloy earlier this year.
4. USA has imposed tariff of 25 % and 10 % on steel and aluminum respectively.
5. During the first fiscal quarter the steel imports has rose by 31% and 30% from Korea and Japan respectively.
6. India imports high end steel product for railway road and construction products. Import of steel product for railway construction has rose to more than 1800 tonns as compared to 500 tonns previous year.
7. South Korea has now become the third largest market for steel industry. South Korea and Japan was the 4th and 10th biggest steep exported to the USA.
8. It is a matter of concern for Indian domestic industry.
9. India has taken the following preventive measures :
- India to impose safeguards duties on products from the United States from September this year.
- Under WTO arrangement, safeguard duties are temporary restriction on import of products.
- India to slap certain duties against US manufactured product as well.
