Source: Capital Market
Indian Steel industry was facing a lot of challenges due to dumping of steel from China in the past. There was 75.5% increase in imports of total steel (Alloy + Non Alloy) in 2014-15. The domestic steel prices had a sharp downward trend during 2014-15, which continued into 2015-16. In view of above, since 2014-15, the Government took the following remedial measures to safeguard the indigenous steel industry:
In order to address the challenge of unfair trade, adequate trade measures such as anti dumping duties, safeguard duties and temporary introduction of Minimum Import Prices were taken.
The Government notified the Quality Control Order which makes the use of BIS standards mandatory for all steel produced and imports. Introduction of a new policy namely Domestically Manufactured Iron & Steel Products in Government procurement which facilitates domestic value addition.