India Must Watch Out For Dumping Of Low-Priced Steel, JSW Says
India’s import of iron and carbon steel products from China has been rising over the past few months, reaching 264,854 tons in June, the highest since October.
India needs to be vigilant against cheap imports of steel that may flood the country, according to Jayant Acharya, joint managing director of JSW Steel Ltd., one of the country’s biggest producers of the metal.
Imports remain a concern for the industry despite a 12% safeguard duty levied by the government, Acharya said on BloombergTV on Tuesday.
US tariffs on steel are aggravating concerns about oversupply from China, the world’s largest producer, Acharya said. Due to the rapid growth of its economy, India is left vulnerable to such trade diversions, he said.
India’s import of iron and carbon steel products from China has been rising over the past few months, reaching 264,854 tons in June, the highest since October, according to China customs data. Still, the overall volume for the first half is lower compared to a year earlier. JSW Steel’s profit for the three months ended June more than doubled, beating analysts’ average estimates.
India will continue to remain JSW’s key market for growth, aided by demand from construction, Acharya said.
The company currently has 35.7 million tons of annual steelmaking capacity, nearly 96% of that located in the country. It aims to reach 42 million tons by September 2027 and 50 million tons by the end of the decade, with India continuing to hold the lion’s share of the capacity.
