"Prolonged Chinese imports may impact Indian steel industry investments, says Tata Steel CEO"
"Prolonged Chinese imports may impact Indian steel industry investments, says Tata Steel CEO"
India's steel imports from China are "unfairly priced," and prolonged shipments could impact the investment plans of the domestic steel industry, said the CEO of Tata Steel in an interview with Reuters on Thursday.
"It's not that Chinese steel is more competitive... they are just able to keep selling steel at prices where they lose money, which is obviously unfair competition," said T. V. Narendran, CEO and Managing Director of Tata Steel.
"If this continues for an extended period, it will impact the investment plans that the steel industry is making," he added.
Rapid economic growth and increased infrastructure spending have made India a global hotspot for steel demand growth, even as demand declines in Europe and the U.S.
The country's steel demand reached a seven-year high in the April to August period.
India, the world's second-largest crude steel producer, remained a net importer of finished steel during April-August, with imports from China reaching a seven-year high.
Some Chinese steel was also entering India from Southeast Asia, Narendran noted.
The Indian government has launched an anti-dumping probe on certain steel imports.
Steel demand in India is expected to grow at 8%-9% during 2024/25, driven by sectors like construction, automotives, railways, and oil and gas.
Narendran added that any tariff increases under Donald Trump, the incoming U.S. president, were unlikely to affect India significantly, as very little steel is exported to the U.S.
Separately, Tata Steel is not seeking to acquire coking coal assets abroad, Narendran said, adding that the company’s Indian operations remain a key focus.
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