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The Indian steel industry has showed concern over India becoming a net importer of steel in 2023-24, saying is it is a "warning signal" for the country which strives to become Atmanirbhar. As per the steel ministry's Joint Plant Committee, India has registered a 38% surge in imports of finished steel to 8.319 million tonnes (MT) over 6.022 MT imported during the preceding 2022-23 fiscal.
"The surge in predatory imports from China is a big threat to the Atmanirbharta in steel. The country becoming net importer is a warning signal to our march towards Atmnirbharta (self reliance)," Alok Sahay, secretary general of apex industry body Indian Steel Association (ISA) said.
Looking at the situation, it is very important to arrest predatory imports, he said and demanded for a trade remedial action on an urgent basis to arrest the inbound shipments. "Lesser duty rule helps importers. It needs to be removed and notified without delay, so that China or any other steel-surplus country do not use India's growth momentum for supporting their own steel mills, while India suffers in expanding steel capacity," Sahay said.
Ranjan Dhar, Chief Marketing Officer - ArcelorMittal Nippon Steel, said India's steel industry faces threat from predatory imports. Restricting steel imports is crucial to safeguard investments and ensure robust GDP growth. Anubhav Kathuria, Director - Synergy Steels, said: "In the context of stainless steel as well, we have witnessed a rise in imports over the past year, primarily from countries like China and Indonesia. As we witness this trend, it becomes imperative for the industry to strategise ways to enhance the cost competitiveness of products."
In the near-term, the focus should be on reducing import duties on key raw materials such as ferro nickel, molybdenum concentrate, and ferro molybdenum. Vinod Kumar, President, India SME Forum, said the industry has been continuously requesting the government to review free trade agreements with several countries to check imports. Under the National Steel Policy, India aims to scale up its annual steel production capacity to 300 million tonnes by 2030 to cater to its domestic requirement.
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