India Considering Reducing The Import Of Steel Products From ASEAN

The Indian government is going to think about take the actions of curbing the increase in the amount of steel coming into the country with low even zero customs duty with ASEAN countries, which includes Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, etc. This is due to at a time Chinese companies increasing their investment in steel production capacity in the economic region.

 

Chinese companies are expected to set up around 97 million tons of blast and ladle furnace capacity in ASEAN countries in the following 5 to 6 years. The increased production capacity will exceed the area's annual steel consumption. What's more, most of the excess produced steel going to exports to their neighbors. India is an attractive market for surplus steel because of the low customs duty advantage. The secretary of the Indian steel department expresses that the demand for steel in ASEAN is expected to show a limited increase and the additional capacity in exports to India could add extra pressure to the domestic market in the country.

 

Alone with the ministries of steel and commerce, the Indian government starts to discuss measures to sort the situation ahead of the next round of India-ASEAN tariff review talks in February of next year. One potential method will be to impose a safeguard duty to protect its national steel producers. Under these circumstances, Indian steel production will receive a huge booster via the government further actions. Graphite Electrodes, as a key raw material in the steel manufacturing process, are expected to be in demand growth accordingly. Xinhui Carbon is a reliable synthetic carbon product supplier with fabulous product quality at favorable prices. Our products have a great reputation among Asian markets and looking to have closer cooperation with steel plants in other countries of the world. If you have any further requests in terms of graphite items, please contact us via email wendy@lzxhcarbon.com for more information.