Steel sector asks govt to curb cheap imports

India became a net importer of finished steel in November

- Naman Suri

The steel industry expects the government to bring in a mechanism in the upcoming interim budget to help curb cheap imports, as rising steel imports are a cause for concern for the sector.

The country became a net importer of finished steel during the first nine months (Apr-Dec) of the current fiscal (specifically in November), with imports at 5.6 million tonnes (mt) and exports at 4.7mt.

Finished steel includes non-alloyed offerings, alloyed ones, and stainless steel.

“With December numbers further widening the gap between exports and imports, it is set to become a huge problem. We have petitioned the government with a request to, at least, bring in a mechanism that ensures that the imports do not continue unabated. We expect something on those lines in the budget," said an executive of a large domestic steel maker.

The executive added that these requests were made during a meeting of steel ministry executives last month.