India’s steel ministry has called for an investigation into steel imports from China and Vietnam

India’s steel ministry has asked the commerce ministry to investigate imports of cheaper steel from China and Vietnam. This was reported by Reuters with reference to a source in the government.

The industry agency insists that the Ministry of Commerce should conduct an appropriate investigation and provide recommendations to the country’s Ministry of Finance, which will make the final decision.

According to preliminary data, India, the world’s second-largest producer of steel, has become a net importer of metal products in the 2023/2024 financial year. This trend continued – imports of rolled goods reached a five-year high in April and May 2024.

Recently, the Indian steel industry has called for curbs on rising steel imports.

JSW Steel Chief Executive Officer Jayant Acharya expressed concern about the impact of rising steel imports on Indian manufacturers. He noted that this poses a threat to investments in capacity expansion planned by the country’s metallurgists.

ArcelorMittal Nippon Steel India also called on the government to take action to curb steel imports at «predatory prices».

Earlier, India’s steel and commerce ministries held a dialogue on rising imports of steel products, especially from China, amid persistent calls for higher tariffs from steel companies. The country’s metallurgists have repeatedly pointed to the need for government intervention and tariff increases. However, the steel ministry resisted these requests, citing high domestic demand.

As GMK Center reported earlier, India imported 8.3 million tons of rolled metal at the end of the 2023/2024 financial year, which is 38.1% more compared to the previous year.
Steel exports from the country in the specified period increased by 11.5% compared to the 2022/2023 financial year – up to 7.5 million tons. Steel consumption during this period increased by 13.4% y/y – up to 136 million tons, reflecting high demand for products.