india\'s anti-china steel tariffs bite engineering, manufacturing firms
Indian finished steel makers have urged New Delhi to stop imposing tariffs on cheap imported alloys from China, Japan and South Korea, fearing that protectionist measures could cost them billions of dollars in overseas sales.
India imposed tariffs on February to ensure the minimum import price (MIP)
For 173 steel products, mainly to prevent China from exporting about 10 million tons of heat per monthRolling and cold rolling
Weakening steel in the United States. S.
European and Asian producers.
The strategy to protect domestic steel manufacturers in India is threatening export revenue earned by engineering and manufacturing companies, because the artificially high price of all primary raw materials from household appliances to ships makes their products not competitive in foreign markets.
The attack on the engineering company was particularly serious.
These small onesto mid-
Larger companies export goods worth $56 billion a year.
Fifth shipment from India
At least some are made of steel, and now the average price is 15% higher than the final price.
2015, 30% more than China imports.
\"My investment cost is 40% higher than other countries.
How will my finished product compete?
Pankaj Chaddha, CEO of Jyoti steel industry, said when it comes to ballast tariffs.
Mumbai\'s stainless Steel wire and carbon Steel bright rod manufacturer Jyoti Steel cut 50 out of 300 jobs after the introduction of the ballast, with production down 22% in AprilJune quarter.
If the policy was extended until August, he would have to fire another 50 contract workers, Chaddha said. 5 expiry date.
In addition, another suggestion facing India\'s steel industry is that the government has issued-
Anti-dumping duties on imported goods
Steel from China, Japan, South Korea, Russia, Brazil and Indonesia. COLD-
Indian steel mills closed the price of hot steel. rolled steel -
For the manufacture of pipes, rods, automobiles, ships and industrial machinery
Rose more than 15% to RS 37,000 ($554)
According to the latest data, every ton from December to the early morning of the 5 th.
Prices in China rose from $270 a tonne in December to $420 a tonne in April, before weakening again.
EEPC, an Indian trade agency, said that if the ballast is expanded, exports of engineering products will drop by 10% this year.
The group made several requests to the Ministry of Trade to allow the import policy to expire, and members also met with the Ministry of Steel on the issue.
However, India\'s debt-laden steel industry is struggling to keep profits in the face of global oversupply.
Domestic steel makers such as the Indian steel authority, Tata Steel and JSW Steel have been able to raise prices by making foreign steel too expensive.
However, the price increase, in addition to hindering exporters, has led to losses from steel processing companies such as Adhunik Metaliks, Jayaswal Neco and Sujana metal products.
He said about 20 of his 60 factories on his membership list have been closed. C.
Mathur, executive director, cold rolled steel Manufacturers Association of India.
\"The others are at 40-
Capacity and loss of 50%.
China, the world\'s largest producer and consumer of steel, produced 0. 804 billion tons of steel last year.
Half of global supply
Only 70% of its capacity is used. India -
With the United States, Europe and other countries
He has said that although the Chinese government is trying to reduce the size of the over-expanded industry, Chinese factories are still exporting excess supply.
Third India in the world
The largest producer with an estimated output of 90 million tons consumed about 80 million tons of finished steel in the year ended March 2016.
According to the joint plant Committee of the steel department, the company imported about 11 million tons that year (JPC)
China\'s supply is about 47%. ($1 = 66.
RS 7428 India)