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Domestic manufacturers of the alloy will continue to suffer from steel imports as Formosa Ha Tinh, a Vietnamese steel mill recently approved by the Bureau of Indian Standards (BIS), begins shipping the product to the country in south Asia.
For Indian steel manufacturers, the country's increasing imports are already a source of concern. Industry insiders predict that this new development will put additional pressure on the industry's margins.
Recently, domestic prices for the HRC are in the range of ₹54,000-55,000 per tonne, while the imported product post-Mumbai port charges stand at ₹51,700 per tonne. As a result, Indian manufacturers have started raising concerns over the increasing imports of cheap steel.
Cheaper imports tend to put pressure on Indian steel mills to cut their prices to preserve demand for their products. Indian steelmakers allege that in many cases, these imports are shipped at "predatory prices" and amount to "dumping".
In other words, they allege that these overseas mills are selling this steel at little profit, or even a loss, motivated by their need to get rid of excess production amidst muted market demand in most major markets.
Also Read : Iron Ore Drops to Lowest Level in Six Weeks Amid Fears Over China Demand ICRA revises growth rate of domestic steel consumption to 9–10% for FY25
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