The Union Finance Ministry is considering anti-dumping requests by the industry to stop dumping of steel products in India which can be produced or sourced locally. Steel Secretary Nagendra Nath Sinha has told CNBC-TV18 that demands are being made to stop dumping of those grades of steel which the industry feels are witnessing more imports than the past.
The Steel Ministry has extended its support to the stand taken by Directorate General of Trade Remedies (DGTR) on the issue. Sinha said that the industry feels India's status is changing from a Steel exporting country to a steel importing country, with imports outstripping exports by 0.28 million tonnes (MT) in October 2023.
Stating that having a definition for Green Steel will come with a lot of implications in itself, he refused to specify if there will be a definition at all for Green Steel in absence of any precedent worldwide. He informed that the second phase of PLI scheme for Steel still under discussion, adding that he will be able to tell any details only once the discussions are concluded.
With a volatile geopolitical situation impacting supply of coking coal, he said that India is in talks with several countries including Russia and Mongolia to secure coking coal.
Sinha clarified that there was major impact on the extent of scrap Steel import due to EU's regulations as only 5-6 MT of scrap Steel is imported while a total of 25 MT is used. Pointing out that around 20 MT Steel already being made from scrap can also be termed as "green" steel in a way, he added that much more needs to be done to encourage decarbonisation.
First Published: Nov 7, 2023 4:17 PM IST
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