Stainless steel industry urges govt to take measures to protect domestic players

The domestic stainless steel industry has urged the government to take preventive measures like safeguard duties to protect the interests of the local players. The Indian Stainless Steel Development Association (ISSDA) said the sharp increase in finished steel imports is a significant threat to the stability of India's stainless steel industry. Local manufacturers, already grappling with high input costs and market volatility, are now facing intensified competition from cheap imports.

"To counter this, we advocate for a stronger focus on the 'Make in India' initiative, particularly within the steel sector. This could involve raising tariffs on finished steel imports, enhancing domestic production infrastructure, and addressing unfair trade practices effectively," ISSDA President Rajamani Krishnamurti said.

The industry looks forward to a suitable level-playing field against China and its circumvented import being pushed into the domestic market through adjacent ASEAN countries in the form of ADD (anti-dumping duty), CVD (countervailing duty) and safeguard duty, Vijay Sharma, Director, Corporate Affairs at Jindal Stainless, said.


"We all are aware of the continuous dumping of subsidised substandard stainless steel of Chinese origin in India, which adversely affects the domestic manufacturers, especially the MSMEs," he added.

As per markets research firm BigMint, India's stainless steel imports rose by about 3 per cent year-on-year to 1.73 million tonnes in FY25, with China, Indonesia, Vietnam and South Korea being the major contributors to the shipments.

Yash Mehta, CEO, Rajputana Stainless, said the surge in finished steel imports into India poses a significant threat to the domestic steel industry, turning the country into a dumping ground. This can lead to a decline in India's steel manufacturing sector. To mitigate this, imposing a safeguard duty is essential, especially during times of global economic uncertainty, trade wars, and geopolitical tensions.

The industry players and stakeholders will discuss the issue of import along with other opportunities and challenges for the stainless steel industry at the upcoming Global Stainless-Steel Summit 2025 in June, Mehta said.