Indian steel mills ‘vulnerable’ to surge in cheaper Chinese imports after US tariffs
- Weak steel demand at home has encouraged China to offload its surplus stocks by offering competitive rates to Indian buyers, hurting Indian producers
- US President Joe Biden on Tuesday unveiled steep tariff increases on an array of Chinese imports, including steel and aluminium
India’s steel industry, already reeling from cheaper imports, is worried about a surge in shipments from China after the United States imposed tariffs on Chinese steel, industry executives and analysts said.
US President Joe Biden on Tuesday unveiled steep tariff increases on an array of Chinese imports, including steel and aluminium.
“India is already under grave threat of import because all major steel consuming economies are shutting their doors on these steel producing countries,” said Alok Sahay, secretary general at Indian Steel Association (ISA).
“We are highly vulnerable to surging and predatory import,” Sahay said.
ISA counts the country’s top steelmakers, such as JSW Steel Ltd and Tata Steel Ltd, among its members.
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Spooked by cheaper Chinese steel coming into India over the past two years, Indian steel producers have often complained about unbridled imports from Beijing.