Tata Steel CEO raises concerns on rising steel imports, says need to be watchful
India’s steel imports have increased by 38% to 8.319 million tonnes, making the country a net importer of the commodity for FY24.Tata Steel CEO T V Narendran has raised concerns about it and stated that there is a need to be cautious about the scenario, as reported by PTI.
It would be a pity if the situation continues in the long run. We have to be watchful about imports, Narendran said.
As per a data by BigMint, formerly SteelMint, India’s crude steel production increased around 14% to 144 million tonnes (MT) in FY24 from 126 MT in FY23. The consumption of finished steel stood at 136 MT, up 13% over 120 MT in the year-ago period.
He stated to an inquiry about the demand that he anticipated steel consumption to increase by 8–10% for the current fiscal year, FY25. I don’t think reviewing FTAs would be easy. But that’s for the government to decide, Narendran added.
Steelmakers have been raising concerns on increasing imports from certain countries, including China and seeking the government’s intervention on the issue. In addition, domestic players have been demanding an end to imports and a review of free trade agreements (FTAs) with various nations.
