The Indian steel industry is engaging with the federal government for trade measures to combat rising steel imports, particularly from China and Vietnam, JSW Steel CEO Jayant Acharya announced on Tuesday, July 23.
India turned net steel importer in the fiscal year ending March 2023, with finished steel imports reaching a five-year high in April and May 2024, according to provisional government data. Imports of finished steel between April and May 2024 increased by 19.8% year-over-year to 1.1 million metric tons.
The steel ministry has informed the commerce ministry about the surge in imports, and the industry has sought an investigation. Major Indian steel producers like Tata Steel have flagged Chinese imports as a "growing concern".
JSW Steel expects exports to account for 10-15% of its total sales in the current fiscal year, while domestic demand remains "extremely strong". However, international markets are currently "muted", according to Acharya.
The government has taken various measures to promote and protect the domestic steel industry, including adjusting basic customs duties on steel products and raw materials, imposing trade remedial measures like anti-dumping and countervailing duties, and facilitating an enabling environment through policy support.
