The Indian steel industry will be impacted by the increased tariffs imposed by the US on imported steel from China, the Indian Steel Association (ISA), the representative body of Indian steel producers, said in a statement on Monday, September 30.
“The increased trade remedial tariffs on Chinese steel by the US are further going to impact Indian steel adversely with shipments directed to India,” Alok Sahay, secretary general of the ISA, said.
The US administration last week imposed 25 percent additional tariffs on imported steel and aluminium products.
Weaker demand for metals in China has caused Chinese producers to offload their surplus stocks by offering competitive prices to Indian buyers, in return hurting Indian producers.
The surge in imports at predatory prices, due to diversion and due to the major reduction in steel consumption in China, is a double whammy for us,” Mr. Sahay said.
The steel association has urged the Indian government to double the tariffs to 15 percent on imported steel to control the rise of cheaper steel imports from China.
In the April-August period of the fiscal year 2024-25, India’s overall finished steel imports jumped to a six-year high of 3.7 million mt, while finished steel imports from China in particular surged to a seven-year high during the same period.