Indian Steel Industry on High Alert Amid Chinese Export Concerns

JSW Steel's CEO Jayant Acharya highlights concerns over elevated Chinese steel exports, urging vigilance by Indian players despite no current import surge. With emphasis on free trade agreements, the CEO warns of risks from countries like Vietnam, Japan, and Korea. Safeguard duties and investigations into imports seek to protect the domestic industry.

Amidst a global steel market flux, Indian steel stakeholders are urged to maintain a vigilant stance, driven by sustained high export levels from China, which the Indian market has yet to match with an import surge.

During a recent investor call, JSW Steel's Joint MD and CEO, Jayant Acharya, emphasized the need for the Indian steel industry to remain cautious, given that trade agreements with countries like Vietnam, Japan, and Korea pose potential risks.

With steel imports climbing by 9.2% to 10.5 million tonnes against a 27% decline in exports, India remains a net importer. The government is poised to impose a 12% safeguard duty on flat products by 2025, aiming to stabilize the domestic market against volatile international forces.

(With inputs from agencies.)