The Indian steel industry is demanding urgent measures from the government to stop the increasing imports of cheap steel from China. The Indian Steel Association (ISA) has suggested the finance minister to increase the import tariff to 15 %. The association emphasised that these steps are necessary to protect local producers. The association represents major companies such as JSW Steel, Tata Steel, ArcelorMittal Nippon Steel India and SAIL.
The ISA said the sudden increase in low-priced steel imports into India and the economic recession in China pose a threat. It also wanted the imposition of 25% additional duty on steel imports and abolition of the lower duty rule. Cheap steel imports continued to trend higher and there was a risk of growth in the coming months, the association said.
During April-August 2024, India imported 1.1 million tons of rolling products from China, up 31.7% year-on-year. In FY2023/2024, rolling steel imports totalled 8.3 million tons, an increase of 38.1 % year-on-year. During this period, steel exports increased by 11.5% to 7.5 million tons. Steel consumption increased by 13.4% year-on-year.
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