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The Indian steel industry calls for an increase in import tariffs to cope with the impact of Chinese steel
Indian steel CR980T/700Y-MP steel mills have repeatedly called for government intervention and increased import tariffs, proposing to raise the tax rate from 7.5% to 12.5%. According to reports, the Indian Ministry of Steel Industry and Ministry of Commerce are discussing the issue of a large influx of steel from China into the domestic market. Data shows that from April to May, India imported 1.1 million tons of finished steel products, a year-on-year increase of 19.8%.
Indian steel manufacturers express concerns about Chinese imports. Major steel manufacturers such as Tata Steel have stated that the influx of Chinese steel poses a significant threat to the Indian market. Ranjan Dhar, Sales and Marketing Director of ArcelorMittal Nippon Steel India, pointed out that the government should consider raising steel import tariffs to 12.5%.
The sluggish domestic demand for steel in China has led exporters to lower their prices in order to increase sales to foreign markets. This has brought tremendous pressure to the Indian steel industry. According to data, India's steel exports in May 2024 were 500000 tons, a decrease of nearly 25% compared to April. The massive export of steel from China CR980T/700Y-MP steel has continued to put pressure on global steel prices, and India's steel exports have also suffered as a result.
According to Crisil's report, China exported approximately 94 million tons of steel products to the world in 2023, an increase of 38% compared to 2022. It is expected that this number may exceed 100 million tons this year. This means that China's steel exports to India are also increasing, with exports reaching $434 million in April.
The Indian CR980T/700Y-MP steel government estimates that the country's imports of finished steel products will reach 8.3 million tons in the fiscal year 2024 (April 1, 2024 to March 31, 2025), an increase of 38%. Despite the current sluggish domestic demand in India, it is expected that demand will rebound as the government and private sector refocus on budget expenditures.
