Indian stainless steel producers have sought government intervention and imposition of countervailing duty on imported stainless steel pointing out 177% increase in inward shipment during April-July 2021, YoY basis. All India Stainless Steel Cold Rollers’ Association said that “In national budget 2021-22 presented earlier in the year, countervailing duty on stainless steel imports from China was suspended until September 30, 2021 and levy on shipments from Indonesia was revoked which triggered floodgates of imports to detriment of domestic producers.”It said that “The industry is still recovering from impact of Covid-19 and if countervailing levy is not imposed immediately, small and medium scale producers will be forced to shut down their plants and become traders.”Import of stainless steel in the first four months of 2021-22 was about 177% higher than the year-ago period. As per All India Stainless Steel Cold Rollers’ Association, from a monthly average of 34,105 tonnes in 2020-2021, the April-July average is 60,214 tonnes and in July 2021 alone, it was 77,337 tonnes.The Indian stainless steel sector has an annual total capacity of more than 5 million tonnes. MSME sector contributes nearly one-third or 1.4 million tonnes to the stainless steel capacity. The rest of the capacity is of Jindal Stainless with 1.9 million tonnes, 340,000 tonnes from Salem Steel, while 1.45 million tonnes comes from a couple of private players such as BRG, Rimjhim, Shah Alloys and Valley Iron etc.
Indian stainless steel producers have sought government intervention and imposition of countervailing duty on imported stainless steel pointing out 177% increase in inward shipment during April-July 2021, YoY basis. All India Stainless Steel Cold Rollers’ Association said that “In national budget 2021-22 presented earlier in the year, countervailing duty on stainless steel imports from China was suspended until September 30, 2021 and levy on shipments from Indonesia was revoked which triggered floodgates of imports to detriment of domestic producers.”It said that “The industry is still recovering from impact of Covid-19 and if countervailing levy is not imposed immediately, small and medium scale producers will be forced to shut down their plants and become traders.”Import of stainless steel in the first four months of 2021-22 was about 177% higher than the year-ago period. As per All India Stainless Steel Cold Rollers’ Association, from a monthly average of 34,105 tonnes in 2020-2021, the April-July average is 60,214 tonnes and in July 2021 alone, it was 77,337 tonnes.The Indian stainless steel sector has an annual total capacity of more than 5 million tonnes. MSME sector contributes nearly one-third or 1.4 million tonnes to the stainless steel capacity. The rest of the capacity is of Jindal Stainless with 1.9 million tonnes, 340,000 tonnes from Salem Steel, while 1.45 million tonnes comes from a couple of private players such as BRG, Rimjhim, Shah Alloys and Valley Iron etc.
