steel

Steel makers seek ban on Iran imports

Economic Times – The Indian Steel Association (ISA), which represents top local makers of the alloy, has urged New Delhi to take immediate steps to ban imports from Iran after a near five-fold increase in shipments that might be traced back to the Persian Gulf nation.

Imports have increased after the imposition of US sanctions on Tehran, the ISA said last week, adding that the trend may have serious implications under CAATSA (Countering America’s Adversaries Through Sanctions Act).

“Steel imports, whether directly from Iran or via transhipment (through) the UAE, should be banned since this trade is in grave violation of US sanctions, which can attract retaliatory measures by the US against India,” ISA secretary general Bhaskar Chatterjee said in the letter seen by ET.

ISA members include JSW SteelNSE 0.03 %, Tata SteelNSE 0.79 %, JSPL, Steel Authority of India and Essar Steel.

While imports from Iran into India went up 66% in 2017-18, in 2018-19 there had been nil imports until December 2018. However, imports were reportedly routed via the UAE with change in country-origin. “It is alarming to note that exports from the UAE, a net importing country, have suddenly surged 390%, including 65,000 tonnes of flat steel products, for which the UAE is conventionally a net importer. This establishes the linkage of transhipment of Iranorigin steel via the UAE,” the steel associa ..