Here is why the steel industry dreads RCEP
Steel companies, already reeling under a demand slump, will be against another stumbling block in the form of the proposed RCEP trade agreement.
Industry players fear that the RCEP, which stands for Regional Comprehensive Economic Partnership, will make the domestic markets even more vulnerable to imports, especially from China.
The country, which is also part of RCEP, is sitting on a surplus of about 300 million tonnes of steel. And after facing sanctions and blocks in other major markets, including the US and Europe, China is looking at the Indian market, which despite the current slowdown, is still among the faster growing ones globally.