New Delhi: The Indian steel industry has expressed concern over India becoming a net importer of steel in 2023-24, saying it is a "warning signal" for the country which is striving to become self-reliant.
According to the Joint Plant Committee of the Steel Ministry, India has recorded a 38 per cent increase in finished steel imports to 8.319 million tonnes (MNT) over the 6.02 MNT imported during the previous 2022-23 financial year.
"The increase in imports from China is a major threat to self-reliance in steel. The country becoming a net importer is a warning sign for our move towards self-reliance (atmanirbharta)," said Alok Sahay, general secretary of Indian Steel, an industry body. Association (ISA) said.
Given the situation, it is very important to stop predatory imports, he said and demanded trade remedial action on an immediate basis to stop the incoming shipments."The lower duty rule helps importers. It needs to be removed and notified without any delay, so that China or any other steel-surplus country does not use India's growth momentum to support their steel mills, Whereas India is having trouble expanding steel capacity." Sahay said.
Ranjan Dhar, chief marketing officer, ArcelorMittal Nippon Steel, said India's steel industry is threatened by aggressive imports. Banning steel imports is important to ensure investment protection and strong GDP growth.
Anubhav Kathuria, Director – Synergy Steels, said: “Even in terms of stainless steel, we have seen an increase in imports from countries like China and Indonesia during the last year.As we see this trend, it has become imperative for the industry to strategize ways to enhance the competitiveness of products."
In the near term, the focus should be on reducing import duties on key RA materials such as ferro nickel, molybdenum concentrate and ferro molybdenum.
Vinod Kumar, president of India SME Forum, said the industry has been continuously requesting the government to review free trade agreements with many countries to curb imports.
Under the National Steel Policy, India aims to increase its annual steel production capacity to 300 million tonnes by 2030 to meet its domestic requirement.
According to the Joint Plant Committee of the Steel Ministry, India has recorded a 38 per cent increase in finished steel imports to 8.319 million tonnes (MNT) over the 6.02 MNT imported during the previous 2022-23 financial year.
"The increase in imports from China is a major threat to self-reliance in steel. The country becoming a net importer is a warning sign for our move towards self-reliance (atmanirbharta)," said Alok Sahay, general secretary of Indian Steel, an industry body. Association (ISA) said.
Given the situation, it is very important to stop predatory imports, he said and demanded trade remedial action on an immediate basis to stop the incoming shipments."The lower duty rule helps importers. It needs to be removed and notified without any delay, so that China or any other steel-surplus country does not use India's growth momentum to support their steel mills, Whereas India is having trouble expanding steel capacity." Sahay said.
Ranjan Dhar, chief marketing officer, ArcelorMittal Nippon Steel, said India's steel industry is threatened by aggressive imports. Banning steel imports is important to ensure investment protection and strong GDP growth.
Anubhav Kathuria, Director – Synergy Steels, said: “Even in terms of stainless steel, we have seen an increase in imports from countries like China and Indonesia during the last year.As we see this trend, it has become imperative for the industry to strategize ways to enhance the competitiveness of products."
In the near term, the focus should be on reducing import duties on key RA materials such as ferro nickel, molybdenum concentrate and ferro molybdenum.
Vinod Kumar, president of India SME Forum, said the industry has been continuously requesting the government to review free trade agreements with many countries to curb imports.
Under the National Steel Policy, India aims to increase its annual steel production capacity to 300 million tonnes by 2030 to meet its domestic requirement.
