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September 3, 2001
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Money > Business Headlines > Report September 3, 2001 |
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Indo-US steel hot-rolled coil trade issue hots upSandip Das The US steel industry is opposed to the proposed suspension of the anti-dumping and countervailing duties on import of hot-rolled coil from India. It has also objected to any agreement between the two countries on the issue. According to US law, the domestic industry has to agree to all the suspension agreements. "The US manufacturers do not see any advantage in accepting the suspension agreement as imports from India has increased to a point where it has became the largest foreign supplier of hot-rolled steel last year," sources told Business Standard. Indian industry's talks with the US department of commerce have not yielded any results with the department rejecting all the terms proposed by the Indian side. India last year exported 900,000 tonne of HR steel to the USA. Recently, Indian manufacturers were offered a price close to $265 per metric tonne by DOC, which was higher than the US domestic price. The US administration offered India a quota of about 400,000 tonne, which was substantially lower than the current exports. "Due to political and legal problems against the imports of steel, the department would not accept any agreement that would have enabled the Indian producers to sell in reasonable quantities and with a competitive price," sources said. The USA has already offered bilateral negotiations with Russia and Brazil on the issue. According to Indian industry, ever since the imposition of anti-dumping action on cut to length plates, the trade between India and the US in the segment has stopped. Similarly, the action on HR coils by the US has resulted in export from India virtually coming to a halt. According to the US administration, there exists and over-capacity in the steel industry worldwide. The excess capacity has resulted in excess availability and a depression of prices. Powered by YOU MAY ALSO WANT TO READ:
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