One of the workarounds is the misuse of the Advance Authorization Scheme, which allows duty-free imports of raw materials for export-linked production. Importers get 18 months to export the finished product to prevent paying the safeguard duty. Some non-automotive importers are using this scheme to buy cheaper steel from overseas and sell the finished goods in the domestic market, alleged Acharya. They are betting on the domestic prices softening during the 18-month window allowed under the scheme before eventually using local steel to make products for export, he said. Other workarounds include buying semi-finished steel, which doesn’t attract the safeguard duty, and then processing it further domestically, he said. Such imports have risen particularly from countries like Russia as well as the Asean bloc, he said. “If there are any leakages which happen, we need to block (them),” Acharya said in an interview.Also Read | JSW Cement to hit markets in August with ₹4,000 crore IPO Also Read | JSW Steel starts FY26 on a high but remains cautious The JSW Steel executive’s comments come as prices of steel in the domestic market continue to fall despite strong demand and decreasing imports. Prices of benchmark hot-rolled coils (HRC) of steel, which is used in cars and consumer durables among other things, fell to a four-month low to ₹50,700 for a tonne in June, as per data from BigMint, a market intelligence firm. The price fall was in tandem with a fall in international steel prices, even as India’s imports came down. The country imported 1.4 million tonnes of finished steel during the April-June quarter, a third less than the preceding quarter, as per an investor presentation from JSW Steel. During this period, India’s steel consumption is estimated to have grown by about 7% compared with the preceding quarter at about 38.3 million tonnes. Acharya argued that the headline trade figures do not convey the full picture. Considering steel imports arrive 1-2 months after an order is placed, the official import data fails to reflect real-time market sentiment around pricing, he said. “Sentiment is determined by the booking of imports which happen in the month of operation. So if the booking of imports is at a lower level, that becomes a reference point for discussion with the domestic (steel producers),” he said. Moreover, the import prices continue to influence the domestic market regardless of the quantities, he said. This means, even as import volumes narrow, the prices of domestic steel were likely to remain under pressure. “There are other countries also which are now coming into India,” he said, indicating a surge in imports from Russia and the 10-narion Asean bloc in recent months. This was because of the high tariffs in markets like the US and Europe, forcing these countries to export more to India, h in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. 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JSW Steel’s Jayant Acharya has noted that importers are identifying loopholes in India’s 12% safeguard duty on steel.
