April 27, 2024
Economy
India slaps anti-dumping duties on Korean steel
[THE INVESTOR] India has slapped anti-dumping duties on Korean steel products for five, the trade promotion agency said on May 16.
“India has aggressively expanded its steel plants to meet growing local demand and increase exports. Steel imports from countries like Korea, China and Japan have also jumped in recent years due to global oversupply,” said a spokesman at the Korea Trade-Investment Promotion Agency.
India’s Finance Ministry already imposed US$474-$594 per ton in anti-dumping duties on Korean steel products for six months from Aug. 8 last year. On May 15, the ministry announced it will slap duties of $478-$561 a ton on Korean products for the next 4 1/2 years, a New Delhi-based KOTRA official said in a report.
KOTRA expects the latest action will weigh on the bottom line of Korean steelmakers for the time being as the emerging country is determined to bolster its own steel industry.
As of September 2016, Korean steelmakers accounted for 24 percent of India’s imported steel market, according to IHS Global Trade Atlas.
By Alex Lee and newswires (alexlee@heraldcorp.com)
“India has aggressively expanded its steel plants to meet growing local demand and increase exports. Steel imports from countries like Korea, China and Japan have also jumped in recent years due to global oversupply,” said a spokesman at the Korea Trade-Investment Promotion Agency.
India’s Finance Ministry already imposed US$474-$594 per ton in anti-dumping duties on Korean steel products for six months from Aug. 8 last year. On May 15, the ministry announced it will slap duties of $478-$561 a ton on Korean products for the next 4 1/2 years, a New Delhi-based KOTRA official said in a report.
KOTRA expects the latest action will weigh on the bottom line of Korean steelmakers for the time being as the emerging country is determined to bolster its own steel industry.
As of September 2016, Korean steelmakers accounted for 24 percent of India’s imported steel market, according to IHS Global Trade Atlas.
By Alex Lee and newswires (alexlee@heraldcorp.com)
