India moves to curb imports of Vietnamese steel products
New Delhi, Aug. 20 -- India moved closer to protecting its steelmakers from cheap imports after the commerce ministry's trade remedies arm recommended anti-dumping duties on certain Vietnamese steel products. The measure, if imposed, would benefit Tata Steel, JSW Steel and Steel Authority of India Ltd (SAIL).
Last week, the Directorate General of Trade Remedies proposed a duty of $121.5 per tonne on hot-rolled flat products of both alloy and non-alloy steel from Vietnam. Once notified, the duty will remain in place for five years.
Hot-rolled coil (HRC) flats are key inputs for welded pipes and tubes, automobiles, and construction. With the tariff in place, Vietnamese steel will turn costlier than finished steel from Indian producers.
India's imports of HRC have more than doubled in just two years from 1.87 million tonnes in FY23, 3.55 million tonnes in FY24, and to 4.07 million tonnes in FY25, according market intelligence firm to Big Mint.
"The anti-dumping duty addresses the immediate challenge of cheap steel imports, stabilising domestic prices and supporting capacity utilisation," said an executive at one of India's largest steel mills, seeking anonymity. "In long term, it encourages domestic investment, strengthens the value chain, and supports India's self-reliance in steel."
Apart from Vietnam, India's biggest steel suppliers include South Korea, Japan and China. India produced 146.56 million tonnes of finished steel in FY25, of which 54.12 million tonnes was HRC. Consumption outpaced production at 152 million tonnes, including 56.90 million tonnes of HRC, according to Big Mint.
Industry experts said India's steel output closely matches its total consumption, indicating a market primarily focused on meeting domestic demand. New Delhi relies on imports from South Korea and Japan for certain specialised steel grades that are not produced locally.
For grades where domestic capacity exists, India has implemented protectionist measures such as safeguard and anti-dumping duties to support its producers.
Vietnamese HRC imports made up 11% of India's HRC inflows last year, falling to 0.45 million tonnes (mt) in FY25 from 0.62 mt in FY24, according to Big Mint....
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