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Indian steelmakers are intensifying their push for government intervention through minimum import price (MIP) mechanisms as the domestic industry grapples with a challenging global market environment marked by falling prices and increased import pressure.
The Indian Steel Association has urged the government to double the basic customs duty on steel imports in its upcoming union budget for financial year 2025-26, reflecting growing concerns about the impact of cheap overseas steel on domestic manufacturers. The industry's call for protection comes as Indian steel prices have nosedived to three-year lows, with hot-rolled coil prices dropping to around ₹51,000 per tonne from a peak of ₹76,000 per tonne in 2022.
The situation has been exacerbated by cheap Chinese steel imports priced at ₹48,000 per metric tonne, creating significant competitive pressure for Indian producers. This mirrors earlier challenges that led the government to impose MIP measures in 2016, which successfully reduced steel imports by 38% the following year.
Despite the current difficulties, steel demand in India is expected to grow 8-9% in 2025, driven by steel-intensive construction in housing and infrastructure sectors, offering hope for the industry's recovery.
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