JSW Steel CEO Jayant Acharya says mills in talks with govt on trade measures against imports

Indian Steel Industry Seeks Government Help to Combat Rising Imports from China and Vietnam, Says JSW Steel CEO Jayant Acharya

The Indian steel sector is actively engaging with the federal government to implement trade measures aimed at addressing the surge in imports, especially from China and Vietnam. Jayant Acharya, Chief Executive of JSW Steel, shared this update with Reuters on Tuesday.

India became a net steel importer in the fiscal year ending March and continues to see a rise in finished steel imports, which hit a five-year high in April and May, based on provisional government data.

“The Indian steel industry is in discussion with the government, and we are advocating for certain measures,” Acharya stated, without specifying the measures under consideration.

The steel and trade ministries have been discussing the increase in imports, according to a Reuters report from last month.

EXPORTS AND COKING COAL

This year, JSW Steel expects its exports to constitute 10-15% of total sales. Acharya mentioned that international markets are currently “muted,” whereas demand within India remains “extremely strong.”

Acharya also clarified that the company is not in discussions with Australian miner Whitehaven Coal regarding a stake in its Blackwater metallurgical coal mine. Whitehaven had announced in January its exploration of selling around 20% of Blackwater to global steel producers as strategic partners.

Nonetheless, JSW Steel continues to explore coking coal assets abroad, including in Australia and Canada. Acharya mentioned that while the company is open to importing coking coal from Mongolia, there are no active plans at the moment.

Acharya opposed a proposal from the trade remedies body to cap imports of low ash metallurgical coke, a crucial steelmaking fuel. “Imposing duties on materials we lack domestically is not strategically sound,” he asserted.

Last month, Reuters reported that India’s steel ministry also did not support restrictions on met coke imports, citing potential risks to domestic production.