In
response to a surge in Chinese steel imports, the Indian Steel Association
(ISA) is set to engage with the government and seek remedies for "trade
distortions".
Alok
Sahay, the secretary general of the ISA representing India's steel producers,
emphasised the need for systematic changes. He highlighted the time-consuming
nature of trade measures in India, which require a minimum of 15 months due to
the lesser duty rule. Sahay stated, "We are going to write to the
government on this." He underlined the importance of countering trade
distortions promptly and effectively for a fair competitive landscape.
According
to ISA data based on the Joint Plant Committee (JPC) figures, India imported
570,000 tonnes of Chinese steel in the first four months of 2023-24 (FY24),
marking a 63% increase compared to the same period the previous year.
Conversely, imports from Korea amounted to 685,000 tonnes, witnessing a 4%
decrease from the previous year.
While
China's property market troubles impacted steel demand, India's robust economic
growth prompted increased production. Global steel output moderated, but
China's production grew by 2.5% to reach 627 million tonnes (mt) between
January and July 2023, as noted by Jayant Acharya, Joint Managing Director and
CEO of JSW Steel.