New Delhi (Agency): India is taking vigilant measures to monitor the influx of steel imports, particularly from China, as shipments from the latter country reached a five-year high during the initial four months of the current fiscal year that began in April. China’s surge in steel exports to India has positioned it as the second-largest steel exporter to the country during the April-July period, trailing only behind South Korea. Notably, China’s steel sales to India during this period amounted to 0.6 million metric tons, marking a substantial 62% increase compared to the corresponding period in the previous year.
India’s domestic steel industry has been raising concerns over the possibility of potential dumping of steel products by Chinese exporters, a situation that could negatively impact the country’s steel sector.
Nagendra Nath Sinha, the steel secretary of India, confirmed that the government is actively monitoring the situation regarding steel imports. The steel ministry has informed the commerce ministry about the current scenario and its implications for the domestic steel industry.
In a separate statement, a senior official within the commerce ministry explained that a significant contributing factor to the increase in steel imports is that some exporters have chosen to redirect their surplus steel into the Indian market. This redirection is primarily attributed to subdued demand for steel products in overseas markets. As a result, these surplus steel supplies have contributed to a decrease in steel prices within the domestic market.
Despite the challenges posed by increased steel imports, India remains a prominent player in the global steel sector. As the world’s second-largest producer of crude steel, India exported 2.6 million metric tons of the alloy during the April-July period. Although this figure reflects a slight decline of 0.3% compared to the same period the previous year, India remains a net exporter of finished steel products.
