India launches anti-dumping probe into some steel imports from Vietnam
Sunday, August 18, 2024, 15:19 GMT+7
India has initiated an anti-dumping investigation on certain steel products imported from Vietnam, according to a notification from Ministry of Commerce and Industry.
The anti-dumping investigation, which will analyse consequential injury and the threat of injury to the domestic industry, comes in response to the urging of the country's leading steelmakers, such as JSW Steel and ArcelorMittal Nippon Steel, according to an official notification.
The move follows a significant downturn in the Indian steel market, with prices hitting their lowest levels in three years due to increased imports and reduced exports, according to data from commodities consultancy BigMint.
India, despite being the world's second-largest crude steel producer, became a net importer of steel in the fiscal year ending March 31, 2024.
This shift continued into the following months, with finished steel imports reaching their highest levels in five years during April-May, according to provisional government data.
