Finished steel imports rose 38.1% year-on-year to 8.3 million tons, contradicting the government's goal of self-sufficiency in steel production. Steel producers are calling for government intervention, fearing the threat that rising imports pose to domestic producers.
Some sources have warned that rising imports from China are undermining India's quest for self-sufficiency and could affect steel prices. Low or no import duties encourage dumped steel into the Indian market, putting local producers at a disadvantage.
India aims to increase its steel production capacity to 500 million metric tons by 2047, while focusing on reducing its environmental impact. These goals include reducing emissions intensity and reforming the mining sector for sustainability. Despite a 15% year-on-year increase in steel demand from infrastructure projects, concerns over slowing government spending ahead of general elections could slow demand growth to around 10%.
At a time when India has become a net importer of steel, industry leaders continue to press for government action to stem the flow of substandard imports and ensure fair competition for domestic steel producers.
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