Govt working to address issues related to steel imports: Minister Kumaraswamy

PTI, Nov 19, 2024, 1:32 PM IST

New Delhi: The government is working to address the issues related to steel imports, Union Steel Minister H D Kumaraswamy said on Tuesday.

The industry has apprised the ministry and it is aware of the issue, Kumaraswamy told PTI on the sidelines FICCI’s Conference on ‘Electric Vehicles – Accelerating E-mobility: Enablers and Imperative’.

“Some issues are there. They (steel players) are telling some substandard material is getting imported from some countries. For that we are working,” he said.

Domestic steel players have been consistently raising their concerns over rising cheap steel imports from select nations, affecting their competitiveness.

Steel imports have risen by nearly 50 per cent in the first six months of FY25 compared to the same period last year, with China being the largest contributor, BigMint CEO Dhruv Goel said.

“This surge is primarily driven by increased Chinese steel exports due to slowing domestic demand there. China’s exports are projected to surpass 100 million tonnes in 2024, the highest in eight years,” he said.

Additionally, Vietnam has contributed significant incremental volumes to India. Exports from Vietnam benefit from the free trade agreement, which exempts them from import duties, Goel noted.

According to BigMint data, India’s steel imports were at 5.51 million tonnes (MnT) in April-September 2024-25, higher from 3.66 MnT in the year-ago period.

Imports from China have surged to 1.85 MnT during that period from 1.02 MnT in April-September period of financial year 2023-24.