Steel Imports Surge, Tata Steel CEO Calls for Vigilance
Tata Steel CEO T V Narendran has expressed concern over the surge in steel imports, urging vigilance against the situation. His comments come as India witnessed a 38% increase in steel imports, reaching 8.319 million tonnes, making the country a net importer of the commodity during the 2023-24 financial year.
"It would be a pity if the situation continues in the long run. We have to be watchful about imports," Narendran told PTI. He emphasized the need for the government to address unfair imports, without elaborating further.
Narendran also projected an 8-10% growth in steel consumption for the ongoing 2024-25 fiscal year. This statement comes amidst concerns raised by steelmakers regarding increasing imports from countries like China and their demands for government intervention. Domestic players have also called for curbing imports and reviewing free trade agreements (FTAs) with several countries.
"I don't think reviewing FTAs would be easy. But that's for the government to decide," Narendran added.
According to BigMint (formerly SteelMint) data, India's crude steel production increased by around 14% to 144 million tonnes (MT) in FY24 compared to 126 MT in FY23. The consumption of finished steel stood at 136 MT, a 13% increase from 120 MT in the previous year.