There is a pretty visible increase in steel imports from various partner nations following the Free Trade Agreements (FTA) and this has continued ringing like alarm chimes for pig iron manufacturers and different parts of India. The rise in imports has arrived at such a time when steel imports are at a declining rate of 6.5% in July. India has free trade agreements with almost thirteen countries.

According to the recent recommendation of the Regional Comprehensive Economic Partnership (RCEP), the number of nations will expand to 16 and it will further incorporate China. This, again, advances the levels of imports at zero duty costs. Moreover, freight with zero duty charges from Free Trade Agreements countries has risen by 67% until July 2019, against 58% in the same period in July 2018. Besides, imports shot from 586,000 tons in April to 856,000 tons by August end.

‘The primary threat rotates around the surge of imports by FTA nations’, said the chairman of Neo Metaliks, Ravi Agarwal. We can see steel producers are becoming highly anxious about the entry of China in the scheme of RCEP; which covers more than 10 Asian countries. They are Cambodia, Indonesia, Malaysia, Myanmar, Laos, Philippines, Singapore, Thailand, Brunei, and Vietnam. Under these, you have six FTA partners India, Japan, South Korea, New Zealand, Australia, and the new addition China.

As per Sumit Khaitan, ‘The Commerce Minister has endured several sector-specific meetings in the knowledge of the RCEP proposals. Plus, like other steelmakers, we have obliged that steel products and manufacturing must be put away from the shadow of RCEP’.

We can recognize that domestic steelmakers have suggested elevated anxieties about the decline in the custom- duties which are offered at the meeting by RCEP. With the picture we have, it is evident that the steel sector is now observant after the threat of imports, and is bothered that this may begin China's goods dumping in the nation, with whom the nation had more than 50 Billion shortfalls in businesses earlier.

Neo Metaliks as one of the reputed pig iron manufacturers in India along with other players believes that unfair competition is on the rise due to zero duty advantage gathered by many other countries.

Neo Metaliks Limited (NML) started its mission in the year 2003. Today in 2019, it has transformed into one of the best pig iron manufacturers in Kolkata. NML is supported by M/s. Rupa & Company Ltd, one of the foremost producers of Hosiery goods in the nation.
For more information, visit http://www.neometaliks.com/

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