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Business Standard
01-06-2025
- Business
- Business Standard
Indian steel companies eye robust growth in FY26 on improved spreads
Indian steelmakers are eyeing stronger growth this financial year (FY26), supported by the recent safeguard duty on imports and improved steel spreads. However, China remains a wildcard. Steel imports started dropping in the lead-up to the government's provisional safeguard duty – a measure aimed at protecting domestic producers from a flood of cheap imports. Data from price reporting and market intelligence firm BigMint showed that India's steel imports fell 21 per cent year-on-year (Y-o-Y) in January-April 2025 to 2.85 million tonnes (mt). Imports from China stood at 1.11 mt in the same period previous year, which reduced to 0.50 mt during January-April 2025. This reflected on steel prices. The monthly average for hot rolled coil (HRC) ex-Mumbai increased from ₹46,878 per tonne in December to ₹52,033 per tonne in April. It was at the same level in May 2025, while the average in May 2024 was at ₹54,100 per tonne. Post-safeguard steel prices have not increased to the extent that was anticipated. 'There are concerns around Chinese steel prices, which are trending down. Moreover, it continues to push volumes into the rest of the world,' said Ranjan Dhar, director and vice-president – sales and marketing at ArcelorMittal Nippon Steel India (AM/NS India) US President Donald Trump on Friday announced that he would be increasing tariffs on steel and aluminium to 50 per cent from 25 per cent. According to a report by Global Trade Research Initiative (GTRI), India exported $4.56 billion worth of iron, steel, and aluminium products to the US in FY25 with key categories, including $587.5 million in iron and steel, $3.1 billion in iron or steel articles, and $860 million in aluminium and related articles. 'These exports are now exposed to sharply higher US tariffs threatening the profitability of Indian producers and exporters,' the report mentioned. Dhar said that there would be no direct impact on Indian carbon steel, which already faces anti-dumping duty (ADD), countervailing duty (CVD), and Section 232. 'It's clear that in the era of trade barriers, if any country remains open or does not have adequate protection, its domestic industry will be impacted.' 'Chinese exports are still very high and a big concern for everyone. They should voluntarily regulate production close to their domestic consumption,' he added. 'The latest US announcement may result in a higher steel diversion risk into India. It will also stop small volume exports to the US,' said another major carbon steel producer. On April 21, 2025, following an investigation and recommendation by the Directorate General of Trade Remedies (DGTR), the Indian government imposed a 12 per cent provisional safeguard duty following a surge in low-cost imports. The safeguard duty was expected to impose a $60 per tonne additional levy for import of HRC. But falling Chinese steel prices and rupee strengthening have taken away half of its benefit,' said Ritabrata Ghosh, vice-president, Investment Information and Credit Rating Agency (Icra). According to a media report, the government is said to review the possibility of increasing the safeguard duty to 24 per cent. The industry demand was 25 per cent. Between February and May 2025, Chinese HRC prices have decreased from $470 a tonne to $455 per tonne. 'This can weigh on Indian steel prices going forward, even as the first quarter of 2025-26 (Q1FY26) is expected to be strong on the back of higher steel prices and lower coking coal prices,' Ghosh said. Steel prices started appreciating from January, but Q4FY25 is believed not to have captured it in full. 'The pricing environment has improved from Q4FY25 to Q1FY26. I see a potential improvement of about ₹3,250 per tonne on an average basis from the lows seen in the past few months,' said Managing Director and Chief Executive Officer Jayant Acharya, JSW Steel joint. 'We should continue to watch China. Their exports are still high, at about 10 mt a month. In Q4, we have seen a drop in Chinese imports into India, primarily in anticipation of safeguard duty and prices also hitting a low,' he added. According to Acharya, India is vulnerable given the strong domestic demand and changing global tariff dynamics. 'We will have to remain vigilant and proactive to implement necessary trade measures in time.' Sehul Bhatt, director- Research, Crisil Intelligence, said: Chinese finished steelmakers have pumped up exports in the recent past, to 111 mt in calendar 2024 from 94 mt in 2023 and 64 mt in 2022. 'The trend continued in Q1FY26 with export volume rising 6.4 per cent Y-o-Y.' One of the reasons behind limited export opportunities for domestic steelmakers is competitively priced Chinese products. However, given that 97 per cent of India's steel demand is met locally, the domestic steel sector is relatively insulated from tariff changes abroad, he added. Crisil Intelligence has forecasted domestic steel demand to grow 9-10 per cent Y-o-Y in FY26.
Time of India
25-05-2025
- Business
- Time of India
Stainless steel players to take up import issue at global summit in Mumbai next month
Thousands of stainless steel players from across the globe will come together to discuss various opportunities and challenges including issues related to imports at the Global Stainless-Steel Expo 2025 (GSSE 2025) beginning June 4. India's stainless steel imports rose by about 3 per cent year-on-year to 1.73 million tonnes in FY25, with China, Indonesia, Vietnam and South Korea being the major contributors to the shipments, according to research firm BigMint. Imports of steel products at cheaper rates adversely affect domestic manufacturers. Over 10,000 industry professionals directly affiliated with the stainless steel industry will discuss and share their suggestions over the imports, which is one of the key challenges facing the sector, organiser Virgo Communications and Exhibitions (VCE) said in a statement. Besides, topics like demand creation, emissions target, exports, research and development (R&D) of new technologies, promoting innovation, forging collaborations, and driving growth crucial for the sector will also be taken up at the event which begins on June 4 in Mumbai, VCE said. The summit will also provide a platform for collaborations or partnerships in the sector, which has registered a compound annual growth rate (CAGR) of 8-9 per cent in India, surpassing the global average CAGR of 5.8 per cent, the statement said. Stainless steel has evolved beyond its industrial roots, becoming a cornerstone of India's growth across diverse sectors. From powering infrastructure to supporting defence and sustainable development, stainless steel is a symbol of resilience and innovation, said VCE Director Anitha Raghunath. Industry leaders from India and abroad, as well as government representatives, are attending the event, she said. Some of the focus areas will be application of stainless steel in growing industries like renewable energy (solar, wind, and hydro), electric vehicles (EVs), public transport, automobiles, heavy transport, healthcare, railway and metro projects, redevelopment of railway stations, and defence and aerospace.
Time of India
24-05-2025
- Business
- Time of India
Stainless steel industry to discuss import concerns at global expo in Mumbai from June 4
The stainless steel industry is set to spotlight key challenges, including rising imports, at the Global Stainless-Steel Expo 2025 (GSSE 2025), scheduled to begin on June 4 in Mumbai. Thousands of professionals from across the globe are expected to participate in the three-day summit, which aims to foster dialogue on both opportunities and concerns within the sector. According to research firm BigMint, India's stainless steel imports rose by nearly 3% year-on-year to 1.73 million tonnes in FY25, with the bulk of shipments coming from China, Indonesia, Vietnam, and South Korea. Industry players argue that low-cost steel imports are negatively impacting domestic manufacturers, PTI reported. More than 10,000 professionals linked directly to the stainless steel industry are expected to take part in discussions, sharing insights and suggestions to address this critical issue, said event organiser Virgo Communications and Exhibitions (VCE) in a statement. In addition to import-related concerns, the summit will address broader themes such as demand creation, emissions reduction targets, boosting exports, innovation, research and development of new technologies, and strategies to drive growth in the sector, VCE added. The expo will also serve as a hub for partnerships and collaborations in a sector that has seen a compound annual growth rate (CAGR) of 8–9% in India—significantly outpacing the global average CAGR of 5.8%. 'Stainless steel has evolved beyond its industrial roots, becoming a cornerstone of India's growth across diverse sectors. From powering infrastructure to supporting defence and sustainable development, stainless steel is a symbol of resilience and innovation,' said VCE Director Anitha Raghunath. Industry leaders from both India and abroad, along with representatives from the government, are expected to attend the summit. The event will also explore the use of stainless steel in high-growth sectors such as renewable energy (solar, wind, and hydro), electric vehicles, public transport, automobiles, heavy transport, healthcare, railways and metro projects, railway station redevelopment, as well as defence and aerospace. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
24-05-2025
- Business
- Time of India
Stainless steel players to take up import issue at global summit in Mumbai next month
Thousands of stainless steel players from across the globe will come together to discuss various opportunities and challenges including issues related to imports at the Global Stainless-Steel Expo 2025 (GSSE 2025) beginning June 4. India's stainless steel imports rose by about 3 per cent year-on-year to 1.73 million tonnes in FY25, with China, Indonesia, Vietnam and South Korea being the major contributors to the shipments, according to research firm BigMint. Imports of steel products at cheaper rates adversely affect domestic manufacturers. Over 10,000 industry professionals directly affiliated with the stainless steel industry will discuss and share their suggestions over the imports, which is one of the key challenges facing the sector, organiser Virgo Communications and Exhibitions (VCE) said in a statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Karina Roman's Creative Journey Through Design squarerooms Read More Undo Besides, topics like demand creation, emissions target, exports, research and development (R&D) of new technologies, promoting innovation, forging collaborations, and driving growth crucial for the sector will also be taken up at the event which begins on June 4 in Mumbai, VCE said. The summit will also provide a platform for collaborations or partnerships in the sector, which has registered a compound annual growth rate (CAGR) of 8-9 per cent in India, surpassing the global average CAGR of 5.8 per cent, the statement said. Live Events Stainless steel has evolved beyond its industrial roots, becoming a cornerstone of India's growth across diverse sectors. From powering infrastructure to supporting defence and sustainable development, stainless steel is a symbol of resilience and innovation, said VCE Director Anitha Raghunath. Industry leaders from India and abroad, as well as government representatives, are attending the event, she said. Some of the focus areas will be application of stainless steel in growing industries like renewable energy (solar, wind, and hydro), electric vehicles (EVs), public transport, automobiles, heavy transport, healthcare, railway and metro projects, redevelopment of railway stations, and defence and aerospace.
Business Recorder
27-04-2025
- Business
- Business Recorder
India's coking coal imports to accelerate
MUMBAI: India's coking coal imports will accelerate due to the limited availability of the key steelmaking ingredient amid a ramp-up of steel capacity, the steel secretary said on Friday. Imports of coking coal will increase to 160 million tons by 2030 from about 58 million tons as of now, Steel Secretary Sandeep Poundrik said. Coking coal imports dipped 0.7% year-on-year in fiscal year 2025 due to reduced shipments from Australia and the United States even as steel output rose, according to commodities consultancy BigMint. Earlier this week, Poundrik said India is set to achieve its target of expanding steel production capacity to 300 million tons by 2030. The country's steel production stood at 151.1 million tons in fiscal year 2025, with total steelmaking capacity at 200 million tons. The problem with steel capacity addition in the country lies in logistics, the secretary said on Friday. The preferred mode of transporting steel, which is in high demand across the country, is railways as it is cheaper than road transport. Major steel plants being concentrated in the two states of Odisha and Karnataka pose a problem due to the congestion in railways, Poundrik said. Indian steel majors, Tata Steel, JSW Steel and Jindal Steel have plants in Odisha.
