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India's steel imports from China increased by 58% during the January–March quarter, alarming local manufacturers who believe prompt corrective action from the government is necessary to guarantee fair competition. China's exports to India were 0.6 MT in the three months ending March 31, up from 0.38 MT in the same period in FY23.
Exports to India increased by 24% in February alone over January, according to statistics obtained from BigMint. Total steel imports to India were 7.76 MT in FY24, up from 5.4 MT in FY23, while imports from China increased to 1.72 MT in FY24 from 0.67 MT the previous year. Industry analysts attributed the increase in Chinese exports to India and the rest of the world to its production excess, which is nearly equivalent to India's steel production.
Calendar year (CY) 2024 saw a 28% year-over-year increase in cumulative steel shipments from China to 26 MT from January to March. This trend is anticipated to continue into the second quarter.
Rising imports from China and other nations are putting pressure on domestic steel pricing in India. The benchmark hot-rolled coil prices (ex-Mumbai) fell 12.4% from ₹60,300 per tonne in March 2023 to ₹52,800 per tonne in March 2024. Prices did, however, rise to ₹54,200 per tonne in May.
AMNS India, formerly Essar Steel, is the only integrated large steel maker to report quarterly results so far. Last week, it reported a five-quarter low EBIDTA. In this backdrop, the Indian Steel Association (ISA) stressed the need for quick trade remedial measures.
Industry sources claimed the predatory dumping of steel imports goes unabated as the conclusion of a trade remedial investigation takes more than 12-18 months to collect import data, collate and analyze domestic industry costing data, analyse the same with dumped pricing, and work out injury margin.
The elaborate process adopted by the director-general of trade remedies to follow lesser duty rules bleeds the industry, which was the case during 2014-16. The steel industry is pleading with the Centre for the removal of the lesser duty rule for quick remedial actions.
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