India Faces Challenge of Surging Steel Imports

Union Steel Minister H D Kumaraswamy has highlighted efforts to address issues in the steel sector, particularly the influx of substandard imports. Concerns were raised during a FICCI conference, noting a rise in steel imports from China and Vietnam affecting domestic competitiveness.

Union Steel Minister H D Kumaraswamy announced that the government is taking steps to tackle challenges within the steel industry, focusing on concerns regarding substandard imports.

Addressing the FICCI Conference on Electric Vehicles, Kumaraswamy acknowledged the industry's apprehensions about increased imports of cheap steel, which undermine domestic competitiveness despite India's significant production capacity.

Official data indicates steel imports rose significantly to 8.32 million tonnes in FY24, with notable increases from China and Vietnam. Experts attribute this trend to reduced demand in China and advantageous trade agreements with Vietnam.

(With inputs from agencies.)