Although domestic steel prices have remained stable, the price of raw materials has increased by almost Rs 6,000 per metric tonne. In light of this situation, Indian steel producers have requested a suo moto safeguard in the form of an ad-valorem import charge of up to 25% in the upcoming union
budget. The domestic steel producers have also asked for the resumption of anti-dumping restrictions on HR coil, sheets, and plates as well as colour coated and wire rods in a representation to the finance minister. The industry has also pushed the finance ministry to raise the basic customs tariff for all steel goods, including semis, flats, and longs, to 12.5% on an ad-valorem basis. In addition to this, the steel makers have also sought inclusion of import of steel products in quality control order (QCO) and requested the government to channelise all non-prime steel products to be channelised through select ports for 100 per cent testing and inspection.
The domestic steel industry has urged the government to take similar measures to protect its interests because, in contrast to India, some of the major import-dependent nations, such as the US, Europe, and a few others, have adopted various conventional and unconventional trade measures to safeguard against trade practises.