India To Consult Steel Industry On Proposed Import Restrictions For Metallurgical Coke

ENA Sectors 2024-08-29 16:43:26 New Delhi, Aug 29 (KNN) The Indian government plans to engage in broader consultations with steel companies before deciding on the imposition of import restrictions on low ash metallurgical coke, a crucial component in steelmaking, according to a source with direct knowledge of the matter. This move comes as India, the worlds second-largest producer of crude steel, considers measures to protect its domestic metallurgical coke (met coke) producers from a surge in imports, reported Reuters. In April, the Directorate General of Trade Remedies (DGTR) proposed country-specific import quotas, capping annual imports of met coke at 2.85 million metric tons for one year. The proposal aimed to curb rising imports, which have increased by over 61 per cent in the past four years, and to safeguard local producers. The Directorate General of Foreign Trade (DGFT), under the federal trade ministry, has instructed the DGTR to initiate consultations with all stakeholders, including steel mills and domestic met coke producers, the source said. The consultation process, which began nearly two weeks ago, has not been given a fixed timeline for completion. Key steelmakers, such as JSW Steel and ArcelorMittal Nippon Steel, have expressed opposition to the proposed import restrictions, arguing that such measures could hinder their capacity expansion plans. The Indian Steel Association, a body representing steel producers, petitioned the trade ministry on August 1 to relax the DGTR's proposed curbs, emphasising the potential impact on the industrys growth. In June, Indias federal steel ministry also communicated its concerns to the trade ministry, stating that limiting met coke imports could pose risks to domestic steel production. The DGTR is reportedly exploring alternative options, including the introduction of a floor price or minimum import price for met coke, according to two other sources familiar with the situation. (KNN Bureau) 39103 https://knnindia.co.in/news/newsdetails/sectors/india-to-consult-steel-industry-on-proposed-import-restrictions-for-metallurgical-coke 2024-08-29 16:43:26 knnindia.co.in India To Consult Steel Industry On Proposed Import Restrictions For Metallurgical Coke