The domestic industry has suffered material injury due to subsidisation of the product and therefore it is necessary to recommend imposition of provisional countervailing duty on these imports, the DGTR has said in a notification.
The company had registered sale of 10.59 LT steel during the same month last year, Steel Authority of India Ltd (SAIL) said in a statement.
According to Moody's Investors Service, in India, new capacity additions will take a back seat as weak steel consumption will hurt free-cash-flow generation in the current year.
The effects of the pandemic have led to a sharp decline in steel output in the June quarter but investors are hoping the worst is over
Kulaste sought suggestions from the stakeholders on how to reduce the logistics cost of raw materials and assured them that the ministry will take steps accordingly.
The proposed BAT would be imposed on imported goods in addition to customs duty to bring the imported product at par with locally-made products.
The government also rolled out the domestically manufactured iron and steel products policy (DMISP) policy to boost the use of domestic steel products in government organisations.
While ex-China the world’s steel output declined by 22.2percent, China’s output rose by 4.2percent
The duty was imposed after the Commerce Ministry's investigation arm Directorate General of Trade Remedies (DGTR), in its probe, concluded that the product was exported to India by these countries below its associated normal value, which resulted in dumping and in turn impacting domestic players.
In the last few quarters, domestic demand for steel has declined due to the economic slowdown followed by the COVID-19 outbreak and resultant shutdowns.
JSW Vallabh Tinplate Pvt Ltd and The Tinplate Company of India Ltd have filed the application for imposition of the anti-dumping duty on imports of coated/plated tin mill flat-rolled steel products.
India, the world's third-biggest oil importer and consumer, plans to invest about $160 billion by 2025-26 in expanding refining capacity, building gas infrastructure and ramping up exploration and production.
The demand for steel in the first quarter of the fiscal is expected to fall by 60-65 percent as the extended lockdown to contain COVID-19 pandemic and the migration of labour have impacted construction and manufacturing sectors.
While restructuring can do some good a more lasting solution would be something along the lines of the aborted ThyssenKrupp transaction
Steel demand in developed economies is expected to decline by 17.1 percent in 2020.
The duty on imports of 'hot rolled flat products of stainless steel 304 series' from the said countries was first imposed by the finance ministry on June 5, 2015, for five years. The duty was imposed in the range of $180-316 per tonne.
The agency has already predicted a 10-15 percent reduction in steel demand for the current fiscal, mainly due to the slowdown in economy, decline in auto sector and the impact of COVID-19 pandemic on construction activities.
The answers to that question lie in China and Brazil
According to official data, India consumed 100 million tonne of steel during financial year ended March 2020.
Hoping to stop the bleeding of cash and restore investor confidence, the group also pooled businesses worth 6 billion euros ($6.6 billion) of sales and employing 20,000 staff
The talks, to be unveiled as part of a strategy revamp on Monday which is likely to include shutting or selling assets, follow a 372 million euro ($402 million) loss Thyssenkrupp Steel Europe, Germany's largest steelmaker, posted in the first half of the group's fiscal year.
With construction activities having stopped due to the nationwide lockdown, there has been a steep increase in prices of essential raw materials such as cement and steel.
Global steel giant ArcelorMittal on Thursday reported a net loss of USD 1.1 billion for the first quarter ended March 31, 2020 amid the coronavirus crisis
COVID-19 pandemic and subsequent nationwide lockdown have affected the demand and production of steel, as well as resulted in the rise of inventory levels, it said, adding the policy interventions would help the industry to revive and help generate employment opportunities.
According to the task force to draw up the National Infrastructure Pipeline (NIP), "Ministry of Steel has identified four slurry pipeline projects, to be implemented over fiscals 2020-2025 and the total capital expenditure for these identified projects is estimated at Rs 8,225 crore."