The chief executive of Tata Steel told Reuters on Thursday ( Nov. 7 ) that India’s steel imports from China were “unfairly priced” and that prolonged shipments could hinder domestic steel industry investment plans.
” It’s not that Chinese material is more dynamic… they really are able to keep selling material yet at prices at which they lose money, which is obviously unfair competitors”, said TV Narendran, chief executive officer and managing director at Tata Steel.
He said,” If this goes on for a very long, it will have an impact on the investment plans that the steel industry is making.”
India has become a worldwide hub for material demand growth, despite declining demand in Europe and the US as a result of rapid economic growth and increased infrastructure spending.
The country’s metal desire touched a seven-year higher in the April to August time.
India, the world’s second-biggest crude metal manufacturer, remained a gross finished steel buyer during April-August, with imports from China hitting a seven-year higher.
According to Narendran, East Asian imports of some Chinese steel were also being made there.
Certain metal goods imported from Vietnam are the subject of an anti-dumping investigation launched by the American authorities.
According to Narendran, the business is requesting higher import tariffs or safeguard measures to stop rising imports.
Given the Taiwanese products, prices of smooth items were likely to remain rangebound, he said.
Metal demand in India is expected to grow at 8 per pence- 9 per cent during 2024/25, Narendran said, driven by design, automotives, trains and oil and gas.
Because almost any material is exported to the US, according to Narendran, any tariff increases from Donald Trump, who will be the next US leader, were unlikely to have a significant impact on India.
Individually, Tata Steel was no looking to acquire any coking coal assets abroad, Narendran said, adding that the company’s American operations generally met its criteria from Australia.