FX.co ★ India Extends Relaxation on Stainless Steel Import Curbs Till December

The Indian government has eased import restrictions on stainless steel, permitting the sale of products crafted from BIS non-compliant steel until the end of December, reports The Economic Times. This decision stems from insufficient domestic production of these specific grades. To support the domestic steel industry, the government has introduced several measures designed to limit imports and bolster competitiveness. Steel producers have called for additional actions to manage the surge in imports from certain countries, notably China, which has generated 746.3 million tonnes (MT) of crude steel from January through September—more than six times the output of India's domestic industry. According to data from the World Steel Association, India produced 122.4 MT of crude steel in the same timeframe. In the month of September alone, China's production reached 73.5 MT, vastly exceeding India's 13.6 MT output.