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.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.