India has initiated an anti-dumping investigation on imports of hot-rolled flat steel products coming in from Vietnam. The investigation will cover both non-alloyed and alloyed steel offerings.
Stainless steel products are not a part of the probe.
As per a notification from the Commerce Minister, as accessed by businessline, the probe will be carried out by the Directorate General of Trade Remedies (DGTR), was launched after the Indian Steel Association (ISA), “on behalf of the domestic producers namely JSW Steel and ArcelorMittal Nippon Steel”.
The applicants are “seeking initiation of an anti-dumping investigation concerning imports of hot rolled flat products of alloy or non-alloy steel originating in or exported from Vietnam,” the notice reads.
The domestic steel-makers have alleged that the steel products are “being imported at dumped prices” thereby “causing material injury to the domestic industry”. Domestic steel-makers have pointed out that “there are no significant differences” in the product made by them and those coming in from Vietnam.
There is a further threat of material injury to the domestic industry due to dumped imports, the notification mentioned adding that steel-makers have requested for imposition of anti-dumping duty.
The hot-rolled flat steel products under probe are used in automotive, oil and gas line pipes/exploration, cold-rolled steel products, pipe manufacturing, general engineering and fabrication, construction, capital goods, process equipment for cement, fertilizer, refineries, earth-moving etc.
“The product produced by the petitioning domestic producers and those imported ..are comparable in terms of essential product characteristics such as physical and chemical characteristics, manufacturing process & technology, functions and usage, product specifications, pricing, distribution and marketing, and tariff classification,” the notification mentioned.
China also named
businessline had, in June, reported that the Steel Ministry had raised an alarm over rising steel imports; and was in discussion with the Commerce Ministry on the matter. China and Vietnam were the two countries against which allegations of dumping were levelled by the industry in its various correspondences to the Steel Ministry. A probe into imports from Vietnam was being considered too.
Concerns hinged on the fact that China was routing its “lower priced offerings” through several South East Asian countries, including Vietnam.
Changing trade dynamics
From a key buyer of steel, Vietnam is now among the top five sellers of the metal here.
As per data from research firm BigMint, India imported 3.55 mt of HRC and plates in FY24, out of which shipments coming in from Vietnam was 0.62 mt (nearly 20 per cent). Imports from South East Asian nation trebled from 0.22 mt in FY23.
Domestic steel prices are hovering around the Rs 50,300 per tonne levels (average price).