Indian steelmakers demand measures to address growing steel imports

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Indian steelmakers demand measures to address growing steel imports

Ferrous 25 Jul 2024 03:18 PM IST Economic Times

The Indian steel industry is seeking measures to limit rising steel imports. Jayant Acharya, CEO of JSW Steel, made this statement. JSW Steel's CEO voiced concern about how increased steel imports may affect Indian companies. Despite robust local demand, a substantial increase in supplies, particularly from free trade agreement countries, jeopardises the country's steelmakers' capacity growth plans.

The industry is searching for trade measures to lessen the difficulties, as profits have already decreased in April and June this year. JSW Steel expects exports to contribute 10-15% of overall sales this year, but overseas markets are currently muted. ArcelorMittal Nippon Steel India, according to Reuters, has urged the government to ban steel imports.

The Indian ministries of steel and trade have been in talks on increasing steel imports, particularly from China, despite the steel industry's persistent calls for increased tariffs. In FY2023–2024, the nation started importing steel net. April and May saw a five-year peak in foreign rolled steel supplies this year.

Indian steelmakers have repeatedly demanded higher duties and government involvement. Despite the high level of local demand, the Ministry of Steel has rejected these demands.

Also Read : India's coal import surges 13% to 26 MT in April India’s steel exports fall by 38%; imports gain 13%

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Indian steelmakers demand measures to address growing steel imports

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