New system to monitor steel imports
New Delhi: The government has put in place a new mechanism to monitor steel imports even as the Directorate General of Trade Remedies (DGTR) reviews the demand for protection from cheap imports. Sources said that domestic steel players are expected to submit fresh data to argue for protection. Both the commerce department and the steel ministry are backing the imposition of duty. The industry is complaining of an adverse impact from Indonesia, Vietnam, South Korea and Japan, where India has free trade agreements.
So far, the government has relied on feedback from the industry before initiating action to check imports. But it has put in place a new Steel Import Monitoring System for a more transparent tracking of shipments. Now, instead of “free” imports, steel consignments will be allowed “free subject to compulsory registration”.
For shipments from November, importers are required to submit information in advance, which could be 15-60 days before the arrival of the consignment, and obtain an online registration number. This will be valid for 75 days.
The new online system is modelled on the lines of the Steel Import Monitoring and Analysis System (SIMA) in the US.