Colombia launches a safeguard investigation on steel wire
Updated: Jul 31, 2013 05:31:17pm
Colombia, Jul 31 (KNN) Colombia, a key market in Latin America has notified the World Trade Organization’s (WTO) that it plans to impose safeguard duties on import of steel wires.
More and more countries are resorting to this measure hurting the interest of importers from different parts of the world including India.
However, Colombia has invited stakeholders to express their views on whether increased imports of steel wire is causing or is likely to cause damage to domestic industry and has informed the WTO to this effect.
The questionnaires are available on the website of the Ministry of Trade, Industry and Tourism and views have to be expressed within 30 working days.
A safeguard investigation seeks to determine whether increased imports of a product are causing, or is threatening to cause, serious injury to domestic industry.
During a safeguard investigation, importers, exporters and other interested parties may present evidence and views and respond to the presentations of other parties.
A WTO member may take a safeguard action like restrict imports of a product temporarily, only if the increased imports of the product are found to be causing, or threatening to cause, serious injury.
Earlier this month, American steel makers had approached the US International Trade Commission to investigate whether reports from several countries, including India are causing injury to them.
In a petition to a trade body, they had also asked for imposition of anti-dumping duties on imports of certain steel products which are used in the oil and gas industry.
According to industry officials, India has emerged as the fourth largest steel producing nation in the world, as per the recent figures release by World Steel Association in April 2011. In 2010, India was the 5th largest producer, after China, Japan, USA and Russia and had recorded a growth of 11.3 per cent in steel production as compared to 2009.
In addition, overall domestic crude steel production had grown at a compounded annual growth rate of 8.4 per cent during 2005-06 to 2009-10.
Significantly, the Indian steel industry had accounted for around 5 per cent of the world’s total production in 2010.
While the total crude steel production in India for 2010-11 was around 69 million tonnes, it is expected that the crude steel production in capacity in the country will increase to nearly 110 million tonne by 2012-13.
The demand for steel in the country is currently growing at the rate of over 8 per cent and it is expected that the demand would grow over by 10 per cent in the next five years.
However, the steel intensity in the country remains well below the world levels. The per capita consumption of steel is around 110 pounds as compared to 330 pounds for the global average. (KNN/SD)
Feedback: newsdesk@knnindia.co.in
More and more countries are resorting to this measure hurting the interest of importers from different parts of the world including India.
However, Colombia has invited stakeholders to express their views on whether increased imports of steel wire is causing or is likely to cause damage to domestic industry and has informed the WTO to this effect.
The questionnaires are available on the website of the Ministry of Trade, Industry and Tourism and views have to be expressed within 30 working days.
A safeguard investigation seeks to determine whether increased imports of a product are causing, or is threatening to cause, serious injury to domestic industry.
During a safeguard investigation, importers, exporters and other interested parties may present evidence and views and respond to the presentations of other parties.
A WTO member may take a safeguard action like restrict imports of a product temporarily, only if the increased imports of the product are found to be causing, or threatening to cause, serious injury.
Earlier this month, American steel makers had approached the US International Trade Commission to investigate whether reports from several countries, including India are causing injury to them.
In a petition to a trade body, they had also asked for imposition of anti-dumping duties on imports of certain steel products which are used in the oil and gas industry.
According to industry officials, India has emerged as the fourth largest steel producing nation in the world, as per the recent figures release by World Steel Association in April 2011. In 2010, India was the 5th largest producer, after China, Japan, USA and Russia and had recorded a growth of 11.3 per cent in steel production as compared to 2009.
In addition, overall domestic crude steel production had grown at a compounded annual growth rate of 8.4 per cent during 2005-06 to 2009-10.
Significantly, the Indian steel industry had accounted for around 5 per cent of the world’s total production in 2010.
While the total crude steel production in India for 2010-11 was around 69 million tonnes, it is expected that the crude steel production in capacity in the country will increase to nearly 110 million tonne by 2012-13.
The demand for steel in the country is currently growing at the rate of over 8 per cent and it is expected that the demand would grow over by 10 per cent in the next five years.
However, the steel intensity in the country remains well below the world levels. The per capita consumption of steel is around 110 pounds as compared to 330 pounds for the global average. (KNN/SD)
Feedback: newsdesk@knnindia.co.in
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