India mulls emergency tariffs on some steel products

GENEVA/NEW DELHI Thu May 2, 2013 4:52pm IST

A worker sits on steel pipes at a steel pipes market in Mumbai July 11, 2008. REUTERS/Arko Datta/Files

A worker sits on steel pipes at a steel pipes market in Mumbai July 11, 2008.

Credit: Reuters/Arko Datta/Files

Related Topics

GENEVA/NEW DELHI (Reuters) - India is considering emergency tariffs on some iron and steel pipes, tubes and profiles to protect its domestic industry from imports, primarily from China and Italy, Delhi said in a World Trade Organization filing seen by Reuters.

Jindal Saw Ltd and Indian Seamless Metal Tubes Ltd, which account for more than half of India's production of seamless pipes and tubes, asked the government to impose tariffs after their profits fell by more than three-quarters from 2011-2012, according to details of the case published by India's Customs & Central Excise office.

WTO member countries are allowed to use temporary tariffs if they can show there is a real threat of damage to the domestic industry from a surge of imports, although such claims can be challenged by other countries.

Imports of the products have arrived in India at an annualised rate of 373,777 tonnes in 2012-2013, the filing said. Although that was 12.1 percent less than in 2011-2012, domestic production has still suffered a decline of 18.2 percent to an annnualised rate of 261,003 tonnes in 2012-2013.

India currently uses little more than a third of its annual production capacity of 685,000 tonnes.

WTO members are obliged to tell the WTO if they are investigating the possibility of tariffs to safeguard an industry, which does not necessarily mean they will go ahead. India invited interested parties to respond within 30 days. (Reporting by Tom Miles and Krishna N. Das; editing by Jason Neely and Jane Baird)

FILED UNDER:

Reuters Showcase

GDP Growth

GDP Growth

India revises up 2013/14 GDP growth to 6.9 percent.  Full Article 

Pharma Deal

Pharma Deal

Sun Pharmaceutical wins U.S. approval to buy Ranbaxy  Full Article 

Adani Restructuring

Adani Restructuring

Adani hives off power, ports businesses to boost growth.  Full Article 

Bank of Baroda

Bank of Baroda

Q3 net profit down 69 pct on higher provisions  Full Article 

Trading Fees

Trading Fees

BSE slashes fees in FX derivatives battle with NSE  Full Article 

SpiceJet Turnaround

SpiceJet Turnaround

SpiceJet board approves up to $243 mln share sale plan  Full Article 

Currency Market

Currency Market

RBI urges companies to hedge FX exposure  Full Article 

Banking Sector

Banking Sector

Banks say no room to cut lending rates, thwarting RBI easing  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage