Union Steel Minister Pushes for Higher Import Duties to Tackle Chinese Steel Dumping

Union Steel Minister H D Kumaraswamy aims to convince the finance ministry to raise steel import duties from 7.5% to 10-12% to combat cheap Chinese steel influx. He highlights challenges in the industry growth and emphasizes technology and hydrogen fuel investments to lower the carbon footprint.

Union Steel Minister H D Kumaraswamy on Wednesday announced his intention to persuade the finance ministry to increase duties on steel imports from the current 7.5 per cent to 10-12 per cent. He expressed concerns over China's dumping of steel into the Indian market, a topic brought to his attention by several industry players over the past two months.

Speaking at the Fifth Steel Conclave organized by the Indian Steel Association, Kumaraswamy highlighted the urgency to address the challenges from China's strategy. He stated, 'The problem which you are facing from China for that I will try to convince... the finance ministry to look at raising the duty on steel imports.'

Kumaraswamy stressed the need for vigilance against global demand slowdowns, particularly those stemming from China. He emphasized the commitment of the steel ministry to the Aatmanirbhar Bharat initiative, revealing optimistic growth projections for the Indian steel sector. The minister also pointed to investments in latest technologies and hydrogen fuel as key to reducing carbon footprints in steel production, underscoring the importance of R&D in this transition.

(With inputs from agencies.)