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The Reserve Bank of India (RBI) has cautioned that India’s steel sector is facing major headwinds due to cheap imports and dumping of low-priced steel products from countries such as China, Vietnam, and South Korea.
In its latest economic bulletin, the RBI highlighted that the surge in imports has led to pricing pressure and margin erosion for domestic producers, particularly medium and small-scale mills. The central bank said that while India’s domestic demand for steel remains strong, unchecked imports are undermining production efficiency and impacting profitability across the sector.
The report urged policy intervention and trade support measures, such as anti-dumping duties and import monitoring frameworks, to ensure fair competition for Indian manufacturers.
Analysts noted that India’s growing infrastructure and housing demand should support long-term steel consumption; however, market distortions caused by dumping could disrupt industry growth in the short term.
The RBI emphasized that addressing import challenges is vital to maintain momentum toward India’s goal of achieving 300 MTPA steel capacity by 2030, ensuring the industry remains globally competitive and financially resilient.
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