Rising imports, demand slowdown ahead of polls weigh on Indian steelmakers

Imports from China have surged 88 per cent in the April to February period of the current financial year, which has "majorly impacted" domestic steel

Surge in imports coupled with a blip in demand ahead of the upcoming general elections is weighing on steel firms.

Data sourced from BigMint (formerly SteelMint/CoalMint), a market intelligence and price reporting firm, show that the average monthly price for hot rolled coil (HRC) in January stood at Rs 54,275 per tonne ex-Mumbai. In February it was at Rs 53,914 per tonne and in March at Rs 52,960 per tonne (last assessed on March 15).

Steel firms say that the surge in steel imports has been a major dampener.

Jayant Acharya, joint managing director and chief executive officer, JSW Steel,