Slow Evolving Automotive Market may Impact Green Transition
India Faces Challenges in Steel Market with Cheap Chinese Imports
By Shubhendra Anand , 19 December, 2024
The steel industry faces significant challenges in developing and developed nations. The emerging and developed economies went through the Asian steel import issues in 2024. European Union imposes certain limitations on the Asian steels as they flood the market. Similarly, the Indian steel market faces the same situation as the Chinese steel imports. Therefore, India faces several challenges in the steel market due to the oversupply of Chinese steel in 2024.
Chinese steel imports in India proved cheaper than the Indian steel. However, the Indian steel market disagrees to assure the Chinese manufactured steel in 2024. Indian steel sector cites that cheap imports of Chinese steel can lead to less demand for the country's steel market. This is due to consumers' affinity towards the more affordable steel. Similarly, the European Union limited the import of Asian steel in 2024. The European Union put limits of 15 percent on HRC of imported steel. European Union targets the Vietnamese steel market the most. Indian steel market to curb the cheap Chinese steel imports in the country is seeking help from the government. Indian steel manufacturers demand the government to interfere in protecting the domestic steel industry.
According to a survey, China's finished steel imports increased by 19.8 percent in April and May 2024. India reports to have exported 1.1 metric tonnes of finished steel in 2024. However, steel exports in India declined by 25 percent in the same year. Experts claim that a surge in Chinese steel imports reduces the demand for steel from India. Hence, it leads to a drop in Indian steel exports. China is exporting steel at much lower prices due to the global oversupply of the material. Currently, the steel demand is lower, too, thus, China exports steel at cheaper rates. Indian steel market faces challenges and may face it, further affecting production, jobs, and competitiveness globally. However, the survey suggests that India’s steel demand will grow by 5 percent in the next year.
Indian steel market faces challenges due to increasing Chinese steel imports
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