Imports of stainless steel, mainly used for making utensils and kitchen appliances, jumped 25 percent in the first five months of this fiscal to 2.3 lakh tonnes (LT), industry body ISSDA said. The in-bound shipments of the metal stood at 1.84 MT in the April-August period of 2015-16, data provided by the Indian Stainless Steel Development Association (ISSDA) showed.
The spike in imports is in line with those in the last financial year when the shipments into the country rose by over 24 percent to 5.32 LT in 2015-16 against 4.28 LT in the 2014-15 fiscal. ISSDA has approached the government in this regard to check the spate of cheap imports flooding the domestic market from China and other countries. ISSDA President K K Pahuja told PTI: “The stainless steel imports have reached at a distressing stage now, if remedial policy actions are not implemented right away by the government, the already ailing domestic industry will perish.” It is important to note that imports constitute over 25 percent of the domestic market. Existing Basic Customs duty of 7.5 percent on imports has been ineffective in curbing the imports and on the other hand circumvention of anti-dumping duty has failed to check imports into the country, he added.