Steel Ministry issued notification to Start Process to impose Safe Guard duty on Steel. CICU and its affiliated Association raised voice strongly to protest against the same. Press Conference called on 03.12.2024. as imposing safe guard duty was taking time due to objections from Industry, Govt. adopted the root of Non-tariff barrier by Imposing Quality standard.
Sh. Honey Sethi, General Secretary CICU mentioned that Meanwhile, at the end of November, domestic HRC (hot-rolled coil) prices were trading at a significant premium of $12-16/tonne compared to the landed costs of imports from China and Japan and Steel Producers are making profit. However, it’s a Temporary measure as Steel Importer will apply for BIS Standard. Steel primarily and Secondary market is upswing and Steel Producers will announces rate revision in this week. It will affect the MSME reeling under recession both National and International Market.
Sh. JS Bhogal, Organising Secretary CICU mentioned that Apart from sending steel directly to India, China is exporting to India through Vietnam to bypass the extant BCD. Going one step ahead, China is creating capacities in Vietnam and other countries, with India having FTAs to ensure free flow in the future as well. On the other hand, India’s exports are getting squeezed and might be at a three-year low of 4.9 MT in the current fiscal, ICRA estimates.
Steel primarily and Secondary market is upswing and Steel Producers will announces rate revision in this week. It will affect the MSME reeling under recession both National and International Market.
Sh. Upkar Singh Ahuja, President CICU mentioned that Steel Producers are already making profit and should focus on improving effectiveness for production and manufacturer and add high end Steel which are being imported. And request the Govt. to assure MSME should get Steel at Competitive price and take action on priority to place Quality Standard through BIS on under quality products being imported from Asian Countries items like Stationary Products, Hand Tools, Bicycle Parts and Components, Power Tools and many more Association import of spurious parts being imported in Brand Names.
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