Steel Industry Urges Policy Changes to Counter Rising Imports

31 Dec 2024 CW Team

The Indian steel industry is closely monitoring policy changes in 2025, seeking safeguards against rising imports, which are harming its growth prospects. With the government's push for green steel production, the sector is also facing the challenge of transitioning to cleaner manufacturing processes amidst fluctuating raw material costs.

India's steel production capacity is projected to reach 300 million tonnes per annum (MnTPA) by 2030, but the industry needs an investment of around Rs 10 lakh crore to meet this target. Despite growth, India remains a net importer of steel, with imports increasing by 41% in the first half of FY25 compared to the previous year.

The Ministry of Steel is pushing for protection against cheap imports, particularly from China and Vietnam. India’s proposed safeguard duty on certain steel products aims to curb the impact of these imports.

In addition to battling imports, the steel sector is focused on green steel initiatives, with global demand for critical minerals such as lithium and cobalt driving the future of the industry.

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