Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
China has swiftly and significantly increased its dominance in the Indian steel import market, capturing a major sector share. Recent trade data reveals that Chinese steel exports to India have surged, establishing China as the top supplier of steel products to the Indian market. This shift comes amid ongoing trade tensions and fluctuating global steel prices, highlighting the urgent need for attention and action.
The surge in Chinese steel imports into India has been driven by competitive pricing and a strategic focus on expanding market share. Chinese steel manufacturers, benefiting from lower production costs and government subsidies, have been able to offer steel products at prices that are often more attractive than those from other suppliers. This competitive pricing has prompted Indian manufacturers and construction firms to source a significant portion of their steel from China.
The increase in imports has had a notable impact on the domestic steel industry in India. Local steel producers are experiencing pressure due to the influx of cheaper imported steel, which has affected their pricing strategies and profit margins. Indian steelmakers are calling for increased tariffs or protective measures to counteract the impact of these imports and safeguard local industry interests.
Trade analysts suggest that while the influx of Chinese steel can pose challenges for the domestic industry, it also presents potential benefits for Indian consumers through lower prices. The Indian government is currently reviewing trade policies to address these concerns and to strike a balance between protecting domestic industries and maintaining beneficial trade relations, offering hope for a balanced and beneficial outcome.
The evolving dynamics in the steel import market underscore the broader implications of global trade patterns and their impact on national industries. As the situation develops, stakeholders from both the Indian and Chinese steel sectors are closely monitoring trade policies and market conditions.
Also Read : Govt's capex thrust key to bridge infra gap as pvt investment still weak: Former NITI VC Rajiv Kumar India Plans 12% Import Duty on Steel to Shield Domestic Industry
1️⃣ BMW Industries and Steel Ministry join forces for specialty steel production.2️⃣ The partnership...
Business 27-Mar-2025
Tata Steel is named 2025 Steel Sustainability Champion by worldsteel for the 8th straight year. Rec...
Business 09-Apr-2025
QatarEnergy and US-based Excelerate Energy signed a 15-year deal to provide Bangladesh with 1 millio...
Asia 29-Jan-2024
Global liquefied natural gas (LNG) demand will grow in 2024 with top buyer China back in the market...
Europe 28-Feb-2024
State-run miners Coal India and NMDC are looking into lithium mines in Chile and Australia, accordin...
Announcement 15-May-2024
Chinese steelmakers are facing issues of declining domestic steel demand and potential threats to th...
China 23-Apr-2024