As steel imports continue to surge, Tata Steel CEO T V Narendran has said there is a need to be watchful about the situation.
The comment comes at a time when India has reported a 38 per cent surge in steel imports to 8.319 million tonnes, becoming a net importer of the commodity during the 2023-24 financial year.
Speaking to PTI, the industry executive said, "It would be a pity if the situation continues in the long run. We have to be watchful about imports." As long as it is unfair imports, the government needs to deal with it, Narendran said without elaborating further.
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Steel consumption is expected to grow 8-10 per cent in the ongoing 2024-25 fiscal year, he said in reply to a separate question on demand. Steelmakers have been raising concerns on increasing imports from certain countries, including China and seeking the government's intervention on the issue. Domestic players have also been demanding a curb on imports and review of free trade agreements (FTAs) with several countries.
"I don't think reviewing FTAs would be easy. But that's for the government to decide," Narendran added.
As per BigMint (formerly SteelMint) data, India's crude steel production increased around 14 per cent to 144 million tonnes (MT) in FY24 from 126 MT in FY23. The consumption of finished steel stood at 136 MT, up 13 per cent over 120 MT in the year-ago period.
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