Stainless Steel Sector Urges Govt to Safeguard Local Manufacturers

The domestic stainless steel industry has urged the government to implement preventive measures, such as safeguard duties, to protect the interests of local manufacturers. The Indian Stainless Steel Development Association (ISSDA) has raised concerns over the sharp increase in finished steel imports, calling it a significant threat to the stability of India’s stainless steel sector.

Local producers, already dealing with high input costs and market volatility, are now facing growing pressure from cheaper imported steel. “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,” said ISSDA President Rajamani Krishnamurti.

Industry leaders have also pointed to the influx of steel from China, often routed through ASEAN countries to circumvent trade restrictions. “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,” said Vijay Sharma, Director, Corporate Affairs at Jindal Stainless.

“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.

Yash Mehta, CEO of Rajputana Stainless, echoed these concerns, stating that the surge in finished steel imports poses a major threat to the domestic industry. “It is 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,” he said.

The issue of rising imports, along with other challenges and opportunities in the stainless steel industry, will be discussed at the upcoming Global Stainless-Steel Summit 2025, scheduled for June.