India's federal Ministry of Steel has no immediate plans to raise tariffs on imported steel even though the country has become a net importer of the alloy due to rising shipments from overseas, particularly China, a senior government source said.

India's top steel companies have asked the government to impose higher taxes on imports to curb overseas supplies.

However, the steel ministry has not sent a proposal for the imposition of higher taxes to the finance ministry at this stage due to brisk domestic demand, the source, who has direct knowledge of the matter, said.

Steel mills want authorities to raise taxes from the prevailing 7.5% on several steel products to curb imports, the source said.

India's finished steel consumption hit a five-year high of 87.1 million tonnes during the first eight months of the current financial year that began in April 2023, up 14.9% year on year. Steel imports from China touched a five-year high between April and November, according to the latest government data.

(Writing by Rebecca Liu  Editing by Harry Huo)
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