JSW Steel CEO Jayant Acharya announced that the Indian steel industry is discussing trade measures with the federal government to address rising steel imports from China and Vietnam. This comes as India became a net steel importer in the fiscal year ending March, with imports hitting a five-year high in April and May, according to provisional data. “Indian steel industry is in discussion with the government. I think there are measures which we would be requesting the government to take up,” Acharya said, without providing details on the possible measures.
India’s steel and trade ministries have been engaged in talks over the increasing imports, as reported last month. Acharya noted that JSW Steel expects its exports to make up 10-15% of total sales this year, with international markets currently “muted” but domestic demand “extremely strong.”
Acharya also denied any ongoing discussions with Australian miner Whitehaven Coal for a stake in its Blackwater metallurgical coal mine. Despite this, JSW Steel is still looking for coking coal assets overseas, including in Australia and Canada. While open to importing coking coal from Mongolia, there are currently no specific plans.
Acharya opposed a proposal to limit imports of low ash metallurgical coke, a crucial steelmaking fuel, arguing that imposing duties on materials not produced domestically “doesn’t make strategic sense.” Last month, India’s steel ministry also opposed limits on met coke imports, citing risks to domestic production.
