Saturday, January 16, 2021

Will India Block Steel Imports From South Korea and Japan?

Why is India looking to temporary block steel imports from South Korea and Japan? During the first quarter of April, India’s steel imports from South Korea increased by 31%, while those from Japan rose by 30% according to Reuters. The flood of imports is so massive that the Indian government is contemplating steps to control imports, according to Minister Chaudhary Birender Singh

“The issue is there and if we have to take some actions, and we will not hesitate on that account,” Singh said. Between April and June, Delhi became a net importer of steel, with international supplies reaching 2.1 million tonnes, 15% higher than the previous year.

With this development, India has now passed the US to become South Korea’s third-largest market for steel, according to data from the Korea Iron & Steel Association. Delhi could look at implementing safeguards and under the World Trade Organization (WTO) rules, safeguards are short-term constraints on imports to protect a domestic industry.

India’s imports of steel products used by railways soared to about 18,000 tonnes compared with 500 tonnes a year earlier, the Steel Ministry note said. Imports of steel products used in construction work doubled to nearly 22,000 tonnes during the same period.

The US imposed duties of 25% on steel and 10% on aluminium imports in March. South Korea was the fourth-largest steel exporter to the US, while Japan was the 10th largest, the Steel Ministry said in a report.

More News at EurAsian Times

Featured

Why Should Pakistan Be ‘Very Worried’ By India’s New Role At The UN Security Council?

India, which has begun its stint as a non-permanent member of the UN Security Council for 2021-22, will be chairing three key UN sanctions...

Indian Air Force Chief Compares LCA Tejas With Pakistani / Chinese JF-17 Thunder

Drawing a comparison between India's LCA Mk1A ‘Tejas’ and Pakistan's JF-17 fighters, Indian Air Chief Marshal RKS Bhadauria said that the Indian jets are...

After Russian S-400, India Inks Pact With The UK To Acquire STARStreak Air Defense System

The Indian Army has moved a step closer to acquiring the STARStreak air defense system as the British company Thales and India's Bharat Dynamics...

Turkey Inaugurates New Consulate Building In Pakistan’s Karachi

Turkish Foreign Minister Mevlut Cavusoglu on Thursday inaugurated the country’s new consulate building in Pakistan's commercial capital Karachi. Addressing the inauguration ceremony, Cavusoglu said the...

Vietnam Beats China, India to Become Next Manufacturing Hub: Reports

Vietnam has emerged as an attractive foreign direct investment (FDI) destination in Asia by beating China and India, a report by the Economist Intelligence...