India is now a major player in the steel market, but it finds itself importing more steel than ever. From April to January of this fiscal year, steel imports rose by over 20%, reaching 8.29 million tonnes. This is a significant increase compared to 6.89 million tonnes imported during the same time last year.
Most of these imports are finished steel products, which saw a 20.3% increase, totaling 8.292 million tonnes. However, exports have decreased. India exported only 3.994 million tonnes, down nearly 29% from 5.619 million tonnes in the previous year.
The rising imports are a concern for steel manufacturers in India. Industry leaders have spoken out about the impact of increased shipments from countries like China, saying this makes it harder for local businesses to compete. Steel Secretary Sandeep Poundrik highlighted the urgency of boosting India’s steel production. He stressed the need to add 100 million tonnes of steel-making capacity by 2030 to reduce dependency on imports.
Global issues also weigh on the domestic steel market. Dipping demand and excess global production have led to challenges for local manufacturers. Tata Steel’s CEO, T.V. Narendran, expressed concern, saying, “It would be a pity if the situation continues in the long run.” He emphasized the importance of monitoring imports closely.
Meanwhile, Jindal Stainless’ managing director, Abhyuday Jindal, has called on the government to increase customs duties on stainless steel products from non-free trade agreement countries to 15%. This move aims to help local producers compete more effectively.
It’s clear that while India has a growing steel market, there are pressing issues regarding imports and competitiveness that need to be addressed to nourish the industry’s future.
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New Delhi, India, steel imports, finished steel, stainless steel
