The government must soon set new tariffs on steel imports in a bid to reinvigorate the domestic steel industry, IRNA quoted Mehdi Karbasian, the deputy minister of industry, mine and trade as saying Tuesday. Karbasian added that “regional countries are squeezing the supply of Chinese steel to their markets.” He further noted that since last year, the industry ministry has announced that traders are free to import, however that would make it impossible for them to pay based on the governmental exchange rates.
Steel companies are grappling with financial problems due to the persistent recession specifically in the construction sector, Karbasian said, adding that “low import tariff on steel has had a negative impact on local suppliers. China accounts for over 50 percent of global steel production.
The large amount has triggered an anti-Chinese steel policy in the region by imposing higher tariffs on Chinese steel.
