ISA aims to address rise in Chinese steel imports

In response to a surge in Chinese steel imports, the Indian Steel Association (ISA) is set to engage with the government and seek remedies for trade distortions.Alok Sahay, the secretary general of the ISA representing India's steel producers, emphasised the need for systematic changes. He highlighted the time-consuming nature of trade measures in India, which require a minimum of 15 months due to the lesser duty rule. Sahay stated, We are going to write to the government on this. He underlined the importance of countering trade distortions promptly and effectively for a fair competitive landscape.According to ISA data based on the Joint Plant Committee (JPC) figures, India imported 570,000 tonnes of Chinese steel in the first four months of 2023-24 (FY24), marking a 63% increase compared to the same period the previous year. Conversely, imports from Korea amounted to 685,000 tonnes, witnessing a 4% decrease from the previous year.While China's property market troubles impacted steel demand, India's robust economic growth prompted increased production. Global steel output moderated, but China's production grew by 2.5% to reach 627 million tonnes (mt) between January and July 2023, as noted by Jayant Acharya, Joint Managing Director and CEO of JSW Steel.