Indian Steel Industry on Alert as Chinese Exports Remain High

The Indian steel industry is maintaining a vigilant stance as Chinese steel exports continue to surge, keeping local producers on their toes. Despite observing a dip in steel imports from the third to the fourth quarter, JSW Steel remains wary of external risks.

According to Jayant Acharya, Joint Managing Director and CEO of JSW Steel, the lack of increased import bookings is not a reason to relax. The CEO emphasized the importance of monitoring countries like Vietnam, Japan, and Korea, which have free trade agreements with India and could pose a threat to the domestic market.

The Indian government has responded by instituting safeguard duties on steel products to level the playing field for local manufacturers. These measures came on the heels of a 9.2 percent rise in steel imports and a substantial 27 percent decline in exports, placing India as a net importer for the second consecutive year.

(With inputs from agencies.)