According to the report, the demand for Indian steel had shrunk, but the import structure had faced a changing at the same time. The imports from China had fallen, but South Korea and Japan had increased their control over the Indian steel market.
The reason why Indian decreased the imported steel from China was because of the downturn in its domestic car industry and the pressure on fuel prices.
However, the US and EU had clamped down their rely on steel on South Korea and Japan, which caused both two countries shifting their focus to India, whose free trade agreement with them provided a favorable guarantee for steel trade between all of them.
Indian domestic steel industry had asked the government to impose safeguard tariffs on steel imports. The Commerce and industry minister Piyush Goyal and the Minister of Steel Dharmendra Pradhan held extensive discussions on steel imports last week.
Source from YIEH CORP
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