India Extends Import Curbs on Some Steel Items to Stem Inflows
India extended its floor price regime on steel imports for a further two months, as the world’s third-biggest producer seeks to insulate domestic mills from a global glut.
The country extended minimum import prices, ranging from $341 to $752 a metric ton depending on the type of product, until Oct. 4, the commerce ministry said in a statement late Thursday. The rules imposed in February were to expire Friday. India’s imports slid 31 percent to 1.8 million tons in the April-June period from a year ago, having hit a record 11.7 million tons in the financial year through March.
While China, the largest producer, has pledged to cut capacity, it continues to export its surplus at record levels amid the slowest growth in decades, prompting nations from India to the U.S. to impose protectionist measures.
India’s imports were expected to drop sharply when floor prices were first introduced, but the decline has been less than anticipated, according to JSW Steel Ltd. Joint managing director Seshagiri Rao said earlier this month that shipments could rise as high as 8 million tons this year, more than the 6 million tons forecast in February after the government introduced the floor price.
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