India initiates anti-dumping investigation into Vietnamese hot-rolled flat steel, citing allegations of dumped prices harming domestic industry.
India has launched an anti-dumping investigation into imports of hot-rolled flat steel products from Vietnam. The probe, initiated by the Directorate General of Trade Remedies (DGTR), will examine both non-alloyed and alloyed steel offerings. This action follows allegations by domestic steel-makers that Vietnamese steel is being imported at dumped prices, which they claim is harming the local industry.
The investigation was requested by the Indian Steel Association (ISA), representing domestic producers like JSW Steel and ArcelorMittal Nippon Steel. The complaint argues that the imported steel products are comparable to those produced domestically in terms of essential characteristics such as physical and chemical properties, manufacturing processes, and pricing.
The hot-rolled flat steel products under scrutiny are used in various sectors, including automotive, oil and gas, cold-rolled steel products, and construction. Domestic steelmakers have called for the imposition of anti-dumping duties to counteract the material injury caused by these imports.
Additionally, concerns have been raised about China routing its lower-priced steel offerings through Southeast Asian countries, including Vietnam. The probe into Vietnamese imports comes amid broader concerns over rising steel imports from the region. Data from BigMint shows that India imported 3.55 million tonnes of hot-rolled coils and plates in FY24, with Vietnam accounting for 0.62 million tonnes, a significant increase from previous years.
The domestic steel market, currently experiencing average prices around INR 50,300 per tonne, is closely watching the outcome of this investigation as it could impact pricing and industry dynamics.
