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BENGALURU: India has initiated an anti-dumping investigation on some steel products imported from Vietnam, according to a notification from the Ministry of Commerce and Industry.
The anti-dumping investigation will analyze indirect damage and threat of damage to the domestic industry, according to an official notification, and is in response to calls from major Japanese steelmakers such as Kyoto Seishun Steel Co. and ArcelorMittal Nippon Steel.
India’s steel market has slumped as rising imports and falling exports have pushed prices to their lowest in three years, according to commodity consultancy BigMint.
Despite being the world’s second-largest crude steel producer, India became a net importer of steel in the fiscal year ending March 31, 2024.
The shift continued into the following months, with finished steel imports reaching their highest level in five years in April-May, according to provisional government data.
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