Posted on 27 Aug 2024
India’s former steel secretary, Nagendra Nath Sinha, says India’s steel sector has been impacted by unfair imports and dumping, exacerbated by the demand slump in China. Sinha states that imports are definitely an issue for flat steel products.
He made the above comments at the seventh edition of BigMint's Indian Iron Ore and Pellet Summit on 23 August, attended by Kallanish.
The statements come on the heels of the government launching a probe against HRC originating or exported from Vietnam. Last week, India initiated an anti-dumping investigation into the import of hot rolled flat products from Vietnam following a complaint filed by the Indian Steel Association (ISA). The inquiry will focus on hot rolled flat products of alloy or non-alloy steel, not clad, not plated or coated, of a thickness up to 25 mm and width up to 2100 mm with thicknesses reaching up to 25 mm and widths of up to 2,100 mm (see Kallanish passim).
However, other speakers at the conference indicate that Chinese steel imports may drop from September due to the Indian government not renewing the BIS licence, which certifies compliance with Indian safety and quality standards.
"We expect Indian imports of flat steel to reduce in [the] last quarter of 2024 as India is not renewing BIS licence, and for majority of steel mills in Southeast Asia exporting flat steel to India their licence will expire by September-October. Thus, instead of direct imposition of any trade barrier, BIS will be able restrict imports into the country," remarked Abhijit Choudhary, general manager of C&D Steel International, India.
India turned into a net importer of steel in the fiscal year ended in March 2024 (FY24) and remained a net importer through the April-July period as well.
Finished steel imports rose by 31.6% year-on-year to 2.7 million tonnes, while exports contracted by 41% to 1.6mt, according to Joint Plant Committee (JPC) data (see separate article). Finished steel imports rose by 38.2% year-on-year to 8.32mt in FY24, while exports grew 11.5% y-o-y to 7.487mt (see Kallanish passim).
Source:Kallanish
