Page 5 - Steel Imports

India net importer of steel in April-Nov, Chinese shipments reach 5-yr high

The world's top steel producer exported mostly hot-rolled and cold-rolled coil or sheets to India, followed by plates, and pipes

Govt envisions PLI 2.0 for steel sector in 2024; curbs on imports awaited

The government is working on Production Linked Incentive (PLI) scheme 2.0 as well as looking at ways to ensure adequate raw material supply for the steel sector in 2024, according to Union minister Faggan Singh Kulaste. While a robust economic growth will increase the demand for steel, industry players remain concerned about rising imports and high raw material prices amid geopolitical uncertainties. Production and consumption of steel have shown a strong recovery after the coronavirus pandemic that impacted the sector in 2020-21. During the April-November period this year, the cumulative production of crude steel was 94.01 Million Tonnes (MT), up 14.5 per cent year-on-year. The consumption of finished steel jumped 14 per cent to 86.97 MT on an annual basis during the same period, as per data from the steel ministry. India has set a target of having an installed steel manufacturing capacity of 300 MT by 2030. At present, the country has a capacity of around 161 MT. "We are prepari

India's steel import to be elevated at 6MT in FY24 on strong demand: CRISIL

India imported 4.26 MT finished steel in April- November 2023 and the import may touch 6 MT mark in the current fiscal mainly on account of strong domestic demand, according to a report by Crisil. The report comes at a time when steel players are registering strong concerns of surging imports. Global steel demand, which has been subdued since the onset of the Russia-Ukraine conflict, is expected to grow 1.6 per cent in 2023, after a sharp fall of 3.3 per cent in 2022, the global analytics company said. The tepid rate of growth rides largely on a buoyant 13 per cent growth in demand in India, which has bucked the trend so far, Crisil said. This fiscal, the steel sector in India is poised to clock its third consecutive year of double-digit growth at 11-13 per cent after growing 11.4 per cent and 13.4 per cent in fiscals 2022 and 2023, respectively. "Strong domestic demand, supported by government spending on infrastructure, building and construction segments, is expected to keep Ind

Ministry holds review meeting on surging steel imports from China, Vietnam

The government has reviewed the steel import situation amid concerns raised by the domestic industry over the increased inward shipments, according to an industry official. Steel players have been raising concerns with various ministries including steel and commerce over the surge in steel imports from select countries like China and Vietnam. The Ministry of Steel on Wednesday held a meeting to review the import situation in the country, an industry executive said. The meeting was chaired by steel secretary Nagendra Nath Sinha and attended by representatives of various steel companies. Several ministry officials also participated in the hour-long meeting, he said. "Steel makers informed the ministry that there has been a continuous surge in imports from countries like China and Vietnam despite the same type of steel being available in India," a Steel Ministry official said. When asked about the steps, the official said any action can be initiated only after the study of details ..

India's April-Oct steel imports from China at four-year high

China, the world's top steel producer, exported mostly cold-rolled coil or sheets to India, followed by hot-rolled coil products, plates, and pipes, among others

Indian steel mills flag concerns over rising Chinese steel imports

Domestic demand in China has been sluggish since the property market ran into trouble

India's April-August finished steel imports from China at five-year high

China, the world's top steel producer, exported mostly cold- rolled coil or sheets to India

Keeping a tab on IT hardware imports: Govt looks at SIMS for template

May mandate prior registration of India-bound items

Centre monitoring steel import situation as China shipments touch 5-yr high

India is monitoring the import situation on steel after shipments from China touched a five-year high in the first four months

India's April-July finished steel imports from China at five-year high

In all, India imported 2 million metric tons of finished steel in the period, the highest since 2020 and up 23% from a year earlier

Jindal Stainless seeks govt intervention to check surging steel imports

Stainless steel maker Jindal Stainless Ltd (JSL) has sought the government's intervention to check increasing imports of steel products from a select group of countries including China. Select few countries including China are flooding the domestic market with their products, Jindal Stainless Ltd (JSL) Managing Director Abhyuday Jindal said. "We urge the government to take some steps to check these imports. The government can put anti-dumping duty (ADD) and countervailing duty (CVD) on the import of the items," he said. According to official data, the Share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the USA increased in total steel imports of India in June 2023 as compared to June 2022. India's steel imports rose 7.6 per cent to 4.84 lakh metric tonne during June 2023, over the same month last year. In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent. However, in June 2023, the import from China contributed 37.1 per cent and Vietnam's sh

Indian traders scoop up cheaper Chinese steel, says industry execs

Indian traders are buying the grades used in automobiles and construction, main drivers of domestic steel demand, the officials and analysts said

China, Vietnam's share in India's steel import basket rises during Jun 2023

The share of countries like China and Vietnam in India's 4.84 LMT steel import basket during June 2023 has increased on a year-on-year (y-o-y) basis, according to official data. At 4.84 lakh metric tonne (LMT), India's overall steel import registered a 5.9 per cent increase on a month-on-month (m-o-m) basis and 7.6 per cent over June 2022, the Ministry of Steel said. "Share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the USA increased in total steel imports of India in June '23 as compared to June 22...," it said. In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent. However, in June 2023, the import from China contributed 37.1 per cent and Vietnam's share was 4.8 per cent in India's steel import basket. The development assumes significance as India has set an ambitious target to increase its steel making capacity to 300 million tonnes and Indian players eyeing for a significant share in the global steel markets. While India's export of .

India's April-May finished steel imports from China at six-year high

In April and May, China emerged as the second-biggest steel exporter to India, selling 0.2 million metric tons of the alloy, up 62% from the same period a year earlier

DGTR for continuation of anti-dumping duty on China steel wheels for 5 yrs

The commerce ministry's investigation arm DGTR has recommended for continuation of anti-dumping duty on Chinese steel wheels for five more years with a view to guarding domestic players against cheap imports. In a notification, the Directorate General of Trade Remedies (DGTR) has said that continuation of the existing duties on the imports of Flat BaseSteel Wheels from China would address and mitigate the likelihood of injury to the domestic players. "The authority considers it necessary to recommend the continued imposition of existing definitive anti-dumping...for another period of five years...," the DGTR has said. The directorate has recommended USD 613 per tonne duty on the product. The finance ministry takes the final decision to impose this duty. The product is used in tubed tyre applications in commercial vehicles. In its probe, the DGTR has concluded that there is likelihood of continuation/recurrence of dumping and injury to the domestic industry if the existing duties a

Steel industry saved Rs 34,800 cr forex by reducing imports: Scindia

The government policies for steel sector helped the country save Rs 34,800 crore in foreign exchange by reducing imports and added around 60 million tonnes (MT) of crude steel capacity, Union minister Jyotiraditya Scindia said. India pushed Japan to third place to become the world's second largest steel producing nation, the minister for steel said while addressing a press conference titled 'The 9-years of government's seva, sushasan and gareeb kalyan focusing on steel sector'. From an installed capacity of 109.85 MT in 2014-15, India's steel capacity increased by a sharp 46 per cent to 160.30 MT in 2022-23, he said, adding the total production rose 42 per cent from 88.98 MT to 126.26 MT. The per capita steel consumption also rose from 60.8 kilogramme to 86.7 kg during the said period, registering a rise of 43 per cent. As per the National Steel Policy 2017, the country aims to scale up the capacity to 300 MT by 2030-31 and production to 250 MT. While the target is to increase the

India's April finished steel imports from China hit five-year high

India imported 0.5 million tonnes of finished steel in April - the highest since 2019 - up 38.2% from a year earlier, the data showed

Steel export falls five-year low, imports at four-year high in FY23

During April-January, India's imports of Russian steel reached an eight-year high, and shipments were nearly five times higher than in the same period a year ago

Building boom sets up India as saviour for flagging global steel demand

Inward shipments rose 15% in April through October from a year earlier to 3.1 million tons, according to government figures

India's finished steel imports from Russia hit 4-year high in April-October

India's finished steel imports from Russia during April-October rose to their highest in at least four years, government data showed