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Time of India
3 days ago
- Business
- Time of India
'India needs to be watchful of any trade diversion risk due to steel tariff challenges'
India needs to be watchful of any increased risk of trade diversion into the country due to changing global tariffs, top steel industry executives said reacting to the tariff-related announcement by the US. Major steel players JSW Steel and AMNS India said there is a need to implement necessary trade measures proactively as every country is protecting their industry. US President Donald Trump on Friday told Pennsylvania steelworkers that he would double the tariff on steel imports to 50 per cent to protect their industry, a dramatic hike that could further increase prices for a metal used to make housing, autos and other goods. In a post later on his Truth Social platform, he said aluminum tariffs would also be doubled to 50 per cent, and both tariff hikes would go into effect Wednesday. "We need to implement necessary trade measures proactively and in time," JSW Steel Joint MD and CEO Jayant Acharya told PTI. Sharing his views, the industry leader said there is likely to be increased risk of trade diversion into India due to changing global tariffs. India is vulnerable given its strong domestic demand. Ranjan Dhar, Director & Vice President, Sales and Marketing, AMNS India said,"We hope more protection will come for domestic industry. Every country is protecting their industry. India should also do that as long as India focuses on protecting its industry from low price imports." The industry need to be watchful on imports, there is no doubt about that, he said. Earlier, Tata Steel CEO T V Narendran had said not imposing the protection measures for a prolonged period of time can impact the industry's investment plans, and impact on cash flows can adversely impact capex decisions. In FY25, steel imports rose 9.2 per cent to 10.5 million tonne, while exports declined sharply by 27 per cent to 6.3 million tonne, resulting in India remaining a net importer for the second year in a row. The government introduced a 12 per cent provisional safeguard duty on flat products from April 21, 2025, to help ensure a level playing field for local producers. JSW Steel and AMNS India are among top 5 steel producing companies in India with an annual production capacity of around 35 million tonne (MT), and 9 MT, respectively. Tata Steel recently completed the phase II expansion project of 5 MT at Kalinganagar in Odisha, taking its overall capacity to 26.1 million tonne in the country.
Time of India
3 days ago
- Business
- Time of India
'India needs to be watchful of any trade diversion risk due to steel tariff challenges'
India needs to be watchful of any increased risk of trade diversion into the country due to changing global tariffs, top steel industry executives said reacting to the tariff-related announcement by the US. Major steel players JSW Steel and AMNS India said there is a need to implement necessary trade measures proactively as every country is protecting their industry. US President Donald Trump on Friday told Pennsylvania steelworkers that he would double the tariff on steel imports to 50 per cent to protect their industry, a dramatic hike that could further increase prices for a metal used to make housing, autos and other goods. In a post later on his Truth Social platform, he said aluminum tariffs would also be doubled to 50 per cent, and both tariff hikes would go into effect Wednesday. "We need to implement necessary trade measures proactively and in time," JSW Steel Joint MD and CEO Jayant Acharya told PTI. Live Events Sharing his views, the industry leader said there is likely to be increased risk of trade diversion into India due to changing global tariffs. India is vulnerable given its strong domestic demand. Ranjan Dhar, Director & Vice President, Sales and Marketing, AMNS India said,"We hope more protection will come for domestic industry. Every country is protecting their industry. India should also do that as long as India focuses on protecting its industry from low price imports." The industry need to be watchful on imports, there is no doubt about that, he said. Earlier, Tata Steel CEO T V Narendran had said not imposing the protection measures for a prolonged period of time can impact the industry's investment plans, and impact on cash flows can adversely impact capex decisions. In FY25, steel imports rose 9.2 per cent to 10.5 million tonne, while exports declined sharply by 27 per cent to 6.3 million tonne, resulting in India remaining a net importer for the second year in a row. The government introduced a 12 per cent provisional safeguard duty on flat products from April 21, 2025, to help ensure a level playing field for local producers. JSW Steel and AMNS India are among top 5 steel producing companies in India with an annual production capacity of around 35 million tonne (MT), and 9 MT, respectively. Tata Steel recently completed the phase II expansion project of 5 MT at Kalinganagar in Odisha, taking its overall capacity to 26.1 million tonne in the country. Economic Times WhatsApp channel )
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Business Standard
3 days ago
- Business
- Business Standard
'India needs to dodge trade diversion risk due to steel tariff challenges'
India needs to be watchful of any increased risk of trade diversion into the country due to changing global tariffs, top steel industry executives said reacting to the tariff-related announcement by the US. Major steel players JSW Steel and AMNS India said there is a need to implement necessary trade measures proactively as every country is protecting their industry. US President Donald Trump on Friday told Pennsylvania steelworkers that he would double the tariff on steel imports to 50 per cent to protect their industry, a dramatic hike that could further increase prices for a metal used to make housing, autos and other goods. In a post later on his Truth Social platform, he said aluminum tariffs would also be doubled to 50 per cent, and both tariff hikes would go into effect Wednesday. "We need to implement necessary trade measures proactively and in time," JSW Steel Joint MD and CEO Jayant Acharya told PTI. Sharing his views, the industry leader said there is likely to be increased risk of trade diversion into India due to changing global tariffs. India is vulnerable given its strong domestic demand. Ranjan Dhar, Director & Vice President, Sales and Marketing, AMNS India said,"We hope more protection will come for domestic industry. Every country is protecting their industry. India should also do that as long as India focuses on protecting its industry from low price imports." The industry need to be watchful on imports, there is no doubt about that, he said. Earlier, Tata Steel CEO T V Narendran had said not imposing the protection measures for a prolonged period of time can impact the industry's investment plans, and impact on cash flows can adversely impact capex decisions. In FY25, steel imports rose 9.2 per cent to 10.5 million tonne, while exports declined sharply by 27 per cent to 6.3 million tonne, resulting in India remaining a net importer for the second year in a row. The government introduced a 12 per cent provisional safeguard duty on flat products from April 21, 2025, to help ensure a level playing field for local producers. JSW Steel and AMNS India are among top 5 steel producing companies in India with an annual production capacity of around 35 million tonne (MT), and 9 MT, respectively. Tata Steel recently completed the phase II expansion project of 5 MT at Kalinganagar in Odisha, taking its overall capacity to 26.1 million tonne in the country. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
5 days ago
- Business
- Time of India
JSW Steel flags risks from elevated Chinese exports
Chinese steel exports remain at an elevated level and the Indian players need to be watchful even as no surge has been seen in import bookings in the country, a JSW Steel official said. Replying to a question on imports during an investor call, JSW Steel Joint MD and CEO Jayant Acharya said, "Imports if you see Q3 to Q4 have reduced primarily.. As of now, we do not see any surge in import booking, but we will have to keep our watch on because the Chinese exports continue to be at an elevated level." He further cautioned against the countries with which India has free trade agreements (FTAs) . Vietnam, Japan and Korea are among the countries that have FTA agreements with India and these continue to a pose risk, he said. "So we'll keep our eyes open. Keep in mind also that the safeguard duties are applicable and are under final review. So if the imports are found to be surging, then the authorities have the possibility to take appropriate action to safeguard the domestic industry," he said. On the trade front, steel imports rose 9.2 per cent to 10.5 million tonnes, while exports declined sharply by 27 per cent to 6.3 million tonnes, resulting in India remaining a net importer for the second year in a row. The government introduced a 12 per cent provisional safeguard duty on flat products from April 21, 2025, to help ensure a level playing field for local producers. There are already investigations ongoing with respect to certain imports where there are injuries found, he added. JSW Steel is a major steel manufacturer with an annual production capacity of around 35 million tonnes.
Time of India
6 days ago
- Business
- Time of India
JSW Steel flags risks from elevated Chinese exports, urges vigilance on imports from FTA nations
Indian steel producers must remain cautious as Chinese steel exports continue to stay elevated, despite no current surge in import bookings, JSW Steel 's Joint Managing Director and CEO Jayant Acharya said on Wednesday. Speaking during an investor call, Acharya said the domestic industry needs to keep a close watch on import dynamics, especially from countries with which India has free trade agreements (FTAs), PTI reported. 'Imports, if you see Q3 to Q4, have reduced primarily... As of now, we do not see any surge in import booking, but we will have to keep our watch on because the Chinese exports continue to be at an elevated level,' he said. Acharya pointed to the risk posed by FTA partner nations like Vietnam, Japan, and Korea, from where inbound shipments could affect Indian manufacturers. 'So we'll keep our eyes open. Keep in mind also that the safeguard duties are applicable and are under final review. So if the imports are found to be surging, then the authorities have the possibility to take appropriate action to safeguard the domestic industry,' he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Walmart Photos Which Are Not For Everyone Old Money Style Undo The comments come as India remains a net importer of steel for the second consecutive year. Steel imports rose 9.2 per cent year-on-year to 10.5 million tonnes in FY25, while exports dropped sharply by 27 per cent to 6.3 million tonnes. To address the imbalance, the government imposed a provisional safeguard duty of 12 per cent on flat steel products starting April 21, 2025, aimed at protecting domestic producers. 'There are already investigations ongoing with respect to certain imports where there are injuries found,' Acharya noted. JSW Steel, one of India's leading steelmakers, currently has an installed annual production capacity of around 35 million tonnes. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
