In a bid to check cheap imports into the country, India’s largest steel maker SAIl has urged the Government to review the market opening trade pacts with Japan and South Korea. “We are requesting a review of the Comprehensive Economic Partnership Agreement (CEPA) with Japan and South Korea as it has resulted in a spurt in cheap imports from these nations,” SAIl Chairman PK Singh told PTI.
The chief of the domestic steel giant also warned against excess capacity of the metal globally, especially in China, which can impact firms in India and suggested continuation of the minimum import price (MIP) after August 2016. Government imposed MIP on 173 grades of steel in February ranging between $341 and $752 per tonne for a period of six months ending August 2016.
“India is the bright spot in steel consumption, but we need to check the spectre of excess capacity in the world and in China, which can cause lot of damage here. I think MIP should be extended post August to check this,” he added.