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Cheaper imports hurting domestic steel industry : Sajjan Jindal

Date 31-Jul-2015
Subject Cheaper imports hurting domestic steel industry : Sajjan Jindal

MUMBAI : The sharp surge in steel imports from China and other Countries that have signed the Free Trade Agreement (FTA) with India is hurting the prospects of Indian companies, said Sajjan Jindal, Chairman of JSW Steel.

Speaking at the company’s annual general meeting, he said an unprecedented increase in imports is causing injury to the domestic steel industry, since steel is being shipped at a lower price for the export market.

While cheap imports may benefit user industries in the short term, reliance on imported steel cannot be a sustainable business strategy, he added.

The global steel industry is currently reeling under the impact of rising steel exports from China, weak demand, and volatile currency movements.

For Indian players, Jindal said, the challenges were — sluggish domestic demand due to delay in revival of investment cycle and infrastructure spending, domestic iron ore supply being priced higher than seaborne markets, dumping of steel into India by steel-surplus Countries like China, Russia, Japan and Korea, and finally, a stable rupee wiping out India’s competitiveness in the export market.

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