NEW DELHI: The steel ministry is in talks with the finance ministry to address the issue of rising imports of steel from China, according to Steel Minister H.D. Kumaraswamy. India has been a net importer of iron and steel from China. As per the Government data, India's net import of iron and steel from April to June from China stood at 526 US million dollars. After China, India imported maximum steel from South Korea, followed by Indonesia and Japan in FY25.
Speaking to reporters on the sidelines of an event organised by International Ferro Alloys Producers' Association (IFAPA), Kumaraswamy highlighted that increasing imports pose a significant challenge for steelmakers, despite the ongoing surge in demand for steel.
Meanwhile, Rajamani Krishnamurti, President, Indian Stainless Steel Development Association (ISSDA) said that they have submitted a fresh request to the Government to undertake safeguard measures to protect the stainless steel industry. According to him China is exporting stainless steel to India at raw material prices.
Steel prices in India have sharply declined over the past three-and-a-half years, with cold rolled steel prices falling from Rs 71,000 in December 2021 to Rs 57,400 in August 2024. Hot rolled coil prices dropped from Rs 66,000 to Rs 50,300, according to BigMint. The downturn is attributed to weak domestic and international demand, decreased raw material costs, and rising imports from countries like South Korea and China.
In response, the Indian government has launched an anti-dumping probe against Vietnam, though experts doubt its effectiveness due to high inventory levels and surplus production. According to sources, the Government is also likely to impose anti-dumping duty on Indonesia as well to protect the domestic industry.