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India Sets Minimum Import Price for Some Steel Products

India has imposed a minimum price on the import of some steel products to stem the tide of cheaper overseas purchases and bolster its distressed domestic steel sector.

The duties on various steel products range between US$341 (RM1,416) per tonne and US$752 (RM3,122) a tonne, the government said in a statement.

Rising imports, especially from China, have been a concern for India. Overseas steel purchases shot up by 22.8% in December 2015 over the previous month.

China produces nearly half the world's 1.6 billion tonnes of steel, and exported more than 100 million tonnes of the alloy last year, more than four times the 2014 shipments from the European Union's largest producer, Germany.

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