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India's steel industry, which is already struggling with cheaper imports, is concerned about increased exports from China after the United States placed duties on Chinese steel, according to industry officials and analysts. US President Joe Biden announced significant tariff increases on steel and aluminium imports from China recently.
According to Alok Sahay, secretary general of the Indian Steel Association (ISA), "India is already under grave threat of import because all major steel-consuming economies are shutting their doors on these steel-producing countries." ISA members include the nation's leading steel producers, Tata Steel Ltd. and JSW Steel Ltd.
Spooked by cheaper Chinese steel coming into India over the past two years, Indian steel producers have often complained about unbridled imports from Beijing. Weak steel demand at home has encouraged China, the world's biggest alloy producer, to offload its surplus stocks by offering competitive rates to Indian buyers, hurting Indian producers.
Steelmakers have lobbied India's government to intervene to curb supplies from Beijing. The government has resisted calls for import curbs, citing strong local steel demand stoked by a spurt in economic activity.
India's steel consumption rose 13.4% to 136 million metric tons (MMT) from the fiscal year to March 2024. During the 2023/24 fiscal year, India became a net importer of finished steel. In 2023-24, China was the top steel exporter to India, and its shipments reached 2.7 million metric tons, nearly double from a year earlier, according to provisional government data.
"Safeguards are essential, but nothing can happen till the new government is in place," said a senior executive at a major steel firm. India began voting on April 19 in a seven-phase election, with ballots set to be counted on June 4. "If domestic prices and margins drop sharply due to an import surge, we expect the government to introduce tariff-related measures," said Akash Gupta, a director at Fitch Ratings.
Also Read : India’s steel sector likely to see an investment of ₹30,000 crore by 2029 India must curb steel dumping, revisit Asean FTA, say JSW Steel’s Acharya
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