The Indian stainless steel industry has expressed concern over the US administration's tariff-related announcement, saying the move will strain trade relations between the two nations and affect domestic market through diverted shipments. The industry is also expecting stainless steel to be a key area of discussion between Prime Minister Narendra Modi and US President Donald Trump during their meeting in the US this week.
Trump has announced 25 per cent tax on steel and aluminium imports from various countries.
Apex stainless steel industry body ISSDA said these tariffs represent a dual blow to India's industry - severely limiting market access while escalating global competition. Indian manufacturers have consistently supplied to the US high-quality, sustainable, and cost-effective stainless steel.
"The imposition of further trade barriers would stifle growth, hamper job creation, and strain bilateral trade relations between two key global economies," said Rajamani Krishnamurti, President, Indian Stainless Steel Development Association (ISSDA).
Reacting to the US move, Jindal Stainless MD Abyudhay Jindal said the industry waits for more clarity in terms of the coverage of tariffs with respect to product line and countries and the situation with respect to the already existing tari ..
In 2018 also, Trump during his first presidency, had imposed 25 per cent import duty on steel products and 10 per cent on certain aluminium products.
Synergy Steels Managing Director Anubhav Kathuria said Trump's announcement comes at a time when India remains a net importer of finished stainless steel.
The increased tariffs may divert Chinese and other Asian exports to India while heightening competition, creating a downward pressure on domestic prices, and affecting small Indian producers with low-cost Chinese dumping.
As per official data, India's finished steel exports fell 28.9 per cent to 3.99 million tonne during April-January period of FY25, compared to 5.61 million tonne in the corresponding period of the preceding fiscal.
The country remained a net importer of steel with the inbound shipments rising over 20 per cent to 8.29 million tonne during April-January FY25.
Source Name : Economic Times