SAIL monitors Chinese steel imports after US tariff hikes

The Steel Authority of India (SAIL) is vigilantly observing Chinese steel imports following the recent hike in tariffs by the United States on goods from China, according to SAIL Chairman Amarendu Prakash. Earlier this week, President Joe Biden announced tariff increases on a range of Chinese imports, including steel. The move has sparked concerns among domestic steel producers about a potential influx of Chinese steel into the Indian market as other nations reduce their intake.

The domestic steel industry is already grappling with an oversupply of cheaper Chinese steel, with imports nearly doubling year-on-year for the financial year ending March 2024. The surge has put additional pressure on domestic producers.

Despite these challenges, SAIL continues to source steelmaking coking coal from Russia, maintaining shipments at 75,000 tonnes per vessel, Prakash noted. The state-run company’s strategy includes keeping a close watch on import trends to mitigate any adverse impacts on the Indian steel market.

(With Reuters inputs)