US tariff effect makes Korea-Japan steel flock to India New Delhi considers control measures

From: JUNNAN STEEL NEWS
publisher: Gloria Wong
Time: 2018-08-21
Summary: A government document shows that India is being hit by a wave of steel from Japanese and South Korean producers. Earlier this year, after US President Trump imposed import tariffs on steel, the Japanese and South Korean steel mills turned their supply back to other destinations.

A government document shows that India is being hit by a waveof steel from Japanese and South Korean producers. Earlier this year, after USPresident Trump imposed import tariffs on steel, the Japanese and South Koreansteel mills turned their supply back to other destinations. According to aninternal document filed by foreign media, the first quarter of the new fiscalyear, which began in April, India’s imports of steel from South Korea and Japansurged by 31% and 30% respectively over the same period last year.


The Minister of the Department, Chaudhary Birender Singh,told Reuters that the influx of steel is so large that the Indian government isconsidering measures to control imports. "Of course there will be someconcerns, so if we want to take some measures, we will not hesitate,"Singh said during the interview.


According to the record, India became a net importer of steelfrom April to June, and supply from abroad reached 2.1 million tons, anincrease of 15% over the same period last year. With this increase, accordingto data from the Korea Iron Ore and Steel Association, India has now surpassedthe United States and is the third largest market for Korean steel.


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