Tel :
Tel :
This week, the United States, India, and Japan announced tightening steel import restrictions to protect their industries from cheap Chinese steel. Chinese steel exports have hit a record high this year. RAIN RI/E690 steel This follows anti-dumping investigations launched earlier this year by economies like the European Union and Canada into steel and other metal products.
India's Directorate General of Trade Remedies (DGTR), the government body responsible for implementing trade remedies, issued a notice on Saturday proposing a 12% import duty on steel products. The duty will be in place for three years and will be reduced by 0.5% each year.
India currently imposes a 12% safeguard duty on steel imports, a temporary measure implemented in April for 200 days. RAIN RI/E690 steel While India is a net steel importer, it remains one of the world's largest steel producers: steel products account for 2% of GDP, and the £48 billion domestic steel industry employs 2.6 million people. The DGTR report notes that steel imports from China and other countries have increased in recent months, posing a threat to the domestic industry.
Coincidentally, the Japan Iron and Steel Federation and four other steel industry organizations announced on Monday that they had asked the government to strengthen controls to enforce existing steel import restrictions. Japan has implemented a series of anti-dumping investigations this year, mainly targeting steel imports from China and Taiwan.
This week, the United States also expanded tariffs on steel and aluminum products to over 400 new products, including fire extinguishers, construction materials, and chemicals used in steel production. RAIN RI/E690 steel The new list is expected to cover approximately £96 billion worth of products, nearly doubling the size of the initial tariffs. A U.S. government spokesperson stated that the expanded list will "broaden tariff coverage" and "close channels for circumvention." The steel and aluminum tariffs were initially implemented in February at a 25% rate. Last month, the United States raised the rate to 50% and expanded the tariffs to include semi-finished copper products to protect domestic industries.
The EU has been investigating China's suspected dumping practices since April 2024, when the European Steel Association Eurofer filed a complaint, stating that the market share of Chinese imports has continued to grow since 2021 and that prices are much lower than those of competitors. In May this year, the EU imposed tariffs of up to 62% on some Chinese tin-coated steel coils to protect European industries from damage caused by dumping.
