Steel industry says surge in imports 'warning signal' for country's Atmanirbhar mission
Joint Plant Committee, India has registered a 38 per cent surge in imports of finished steel to 8.319 million tonnes (MnT) over 6.022 MnT imported during the preceding 2022-23 fiscal.
«The surge in predatory imports from China is a big threat to the Atmanirbharta in steel. The country becoming net importer is a warning signal to our march towards Atmnirbharta (self-reliance),» Alok Sahay, secretary general of apex industry body Indian Steel Association (ISA) said.
Looking at the situation, it is very important to arrest predatory imports, he said and demanded for a trade remedial action on an urgent basis to arrest the inbound shipments.
«Lesser duty rule helps importers. It needs to be removed and notified without delay, so that China or any other steel-surplus country do not use India's growth momentum for supporting their own steel mills, while India suffers in expanding steel capacity,» Sahay said.
Ranjan Dhar, Chief Marketing Officer — ArcelorMittal Nippon Steel, said India's steel industry faces threat from predatory imports. Restricting steel imports is crucial to safeguard investments and ensure robust GDP growth.
Anubhav Kathuria, Director — Synergy Steels, said: «In the context of stainless steel as well, we have witnessed a rise in imports over the past year, primarily from countries like China and Indonesia. As we witness this trend, it becomes imperative for the industry to strategize ways to enhance the cost competitiveness of products.»
In the near-term, the focus should be on reducing import
