India's steel imports from China hit record high in Apr-Oct FY24-25
Time:Wed, 11 Dec 2024 10:43:37 +0800
keywords :
India’s steel imports from China surged to a historic 1.7 million tons during the April to October period of the 2024-25 fiscal year, marking a 35.4% year-on-year increase, according to provisional data released by the Ministry of Steel.
The imported steel consisted primarily of stainless steel, hot-rolled coils, galvanized sheets, steel plates, and electrical steel. Total finished steel imports into India reached 5.7 million tons during the period, the highest in seven years, further intensifying concerns among domestic steel producers about cheap imports impacting their market share.
In response, the Ministry of Steel has proposed imposing a 25% safeguard duty on flat steel products to curb the influx of inexpensive Chinese imports. However, the proposal has drawn criticism from key stakeholders, including the Engineering Export Promotion Council (EEPC), which argues that such a move could raise domestic steel prices, as local producers typically align their pricing with imported steel’s landed cost.
Besides, steel product manufacturers also voiced opposition, stating that costlier imports would undermine Indian exporters' competitiveness in major international markets.
The debate reflects the delicate balance between protecting domestic industry and ensuring the global competitiveness of India’s engineering and manufacturing sectors.
