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India's steel ministry seeks probe into more affordable imports, federal government source says

India's federal Ministry of Steel has asked the trade ministry to examine less expensive steel imports from China and Vietnam, a federal government source straight familiar with the matter informed Reuters on Wednesday, as New Delhi comes to grips with rising imports.

India, the world's second-biggest crude steel producer, turned net steel importer in the through March and the pattern continued with ended up steel imports scaling a. five-year high in April and May, according to provisional. government information.

We have said that the trade ministry should investigate. these imports and provide its suggestions to the financing. ministry, which will take the last call, the source told. Reuters, decreasing to be recognized as the conversations are not. public.

India's steel and trade ministries did not right away. react to e-mails from Reuters looking for comments. Recently, India's JSW Steel told Reuters that the. steel market was in talks with the federal government for. trade procedures to fight increasing imports, particularly from China. and Vietnam.

The source added that the steel ministry had actually prompted officials. from the European Union not to impose greater taxes on its. carbon-producing markets in a meeting 2 weeks ago. Reuters on July 29 priced estimate a leading official as stating India had not. accepted an EU proposal to impose higher taxes on its. carbon-producing markets.

The EU last year authorized the world's first strategy to enforce. tariffs on imports of high-carbon products, including steel,. aluminium and cement, part of its objective to reach net-zero. greenhouse emissions by 2050.

Independently, the steel ministry remains in talks with mills to. diversify imports of coking coal, a crucial steelmaking raw. material, from nations including Russia, Canada and the United. States, the source said, as the nation attempts to cut its. dependence on Australia, its most significant provider.

Indian steel business take in around 70 million metric loads. of coking coal every year, and imports make up around 85% of. the country's overall requirements.

Some Indian firms had actually likewise put import orders for coking. coal from Mongolia on a trial basis, the source said. Steelmakers consisting of JSW Steel and state-owned Steel Authority. of India

(source: Reuters)