NEW DELHI, Nov 19: Union Steel Minister H D Kumaraswamy on Tuesday said the Government is working to address the issues related to the sector, including the concerns of imports of substandard products.
The industry has raised several issues with the government, especially imports of cheap steel products, Kumaraswamy told PTI on the sidelines FICCI’s Conference on ‘Electric Vehicles – Accelerating E-mobility: Enablers and Imperative’.
“Some issues are there. They (steel players) are telling some substandard material is getting imported from some countries. For that we are working,” he said.
Despite India being the world’s second largest steel producer, the domestic players have been consistently raising their concerns over rising cheap steel imports from select nations, affecting their competitiveness.
As per official data, steel imports rose to 8.32 million tonnes (MnT) in FY24 from 6.02 MnT in FY23.
The country’s crude steel production rose to 144.30 MnT from 127.20 MnT in 2022-23 fiscal.
India’s steel imports were at 5.51 million tonnes (MnT) in April-September 2024-25, higher from 3.66 MnT in the year-ago period, BigMint said.
Imports from China have surged to 1.85 MnT during that period from 1.02 MnT in April-September period of financial year 2023-24, it said.
“This surge is primarily driven by increased Chinese steel exports due to slowing domestic demand there. China’s exports are projected to surpass 100 million tonnes in 2024, the highest in eight years,” BigMint CEO Dhruv Goel said.
Additionally, Vietnam has contributed significant incremental volumes to India. Exports from Vietnam benefit from the free trade agreement, which exempts them from import duties, Goel noted. (PTI)
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