Representatives of India's domestic steel sector had asked the Indian government to impose a 25% safeguard tariff on imported steel products, including semi-finished steel, sheet, long, pipe, stainless steel and railway steel products.
This measure was similar to the safeguard tariffs of the United States (US) and the European Union (EU), and it was intended to protect the production and product market of domestic steel enterprises.
It was reported that China, Japan and South Korean exports to the US dropped by 488,000 tons in six months after the US' tariffs, while their exports to India increased by around 560,000 tons.
At present, 75% of the annual import quota of steel in Europe had been occupied.
If Indian safeguard tariffs were implemented, Asian steel exporting countries, represented by China, will undoubtedly suffer worst, and more trade barriers like this were likely to cause huge fluctuations in the world steel market.
Source from YIEH CORP
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