India Under Pressure: Talks to Curb Steel Imports

India is currently engaging in intensive discussions to address the rising steel imports, according to Indian Steel Minister H.D. Kumaraswamy. Without providing detailed information, he emphasized the urgency of this issue, which is particularly concerning domestic steel manufacturers during a period of growing demand. India, the world's second-largest producer of crude steel, recorded a trade deficit in steel in the fiscal year ending in March 2024 and from April to July. During this period, China, followed by Japan and South Korea, were the leading exporters of steel to India. The increasing imports have significantly impacted local steel prices, pushing them to their lowest level in over three years, according to data from commodity consultancy firm BigMint. Steel Minister Kumaraswamy announced that he would intensify his efforts to persuade the Finance Ministry to increase tariffs on steel imports. The aim is to protect domestic steel mills from competition with cheaper imports from countries such as China. In August, India had already initiated an anti-dumping investigation for certain steel products from Vietnam, following demands from leading national steel manufacturers such as JSW Steel and ArcelorMittal Nippon Steel.