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Rein in clandestine imports from Iran - ISA

Steel News - Published on Mon, 18 Mar 2019

Image Source: SteelGuru
Business Line reported that Indian steel companies have urged the government to stop the dumping of steel by Iran through the United Arab Emirates at a much lower price. In a letter written to Mr Binoy Kumar, Secretary Steel, the Indian Steel Association said it is alarming that steel imports to India from the UAE are growing at a fast pace and is expected to go up over three times to 0.234 million tonnes this fiscal as against 0.118 million tonne in year before. Mr Bhaskar Chatterjee, Secretary General ISA, said “Steel imports from Iran, or transshipment from the UAE, must be banned since it is a grave violation of the US sanction and can attract retaliatory measures by on India. Steel imports, at predatory prices, pose a serious challenge to the Indian steel industry. Unchecked imports from Iran, which ships 30% of its exports to Asean countries, pose a major threat to Indian steel companies”

Imports from the UAE, at 0.175 million tonnes in the first nine of this fiscal, has already surpassed imports during the whole of last year. On the other hand, shipments, directly from Iran, have come to standstill from the 34,330 tonnes logged in FY18.

The top-three Iranian steel producers – Mobarakeh Steel Company, Khouzestan Steel Company and Esfahan Steel Company – are subsidiaries of government-owned Iranian Mines and Mining Industries Development and Renovation Organisation, which is under US economic sanctions. The three companies have a cumulative production capacity of 13.6 million tonnes.

Iran offers hot-rolled coil prices at USD 450 a tonne against China’s quoted price of INR 515 a tonne, including ocean freight of USD 25. Consequently, the landed cost of shipment from Iran works out to INR 36,350 a tonne, against China’s INR 41,600 a tonne.

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Posted By : Rabi Wangkhem on Mon, 18 Mar 2019
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