Sajjan Jindal of JSW Group raises concerns over rising Chinese steel imports impacting domestic margins. India’s 2023–24 steel imports hit 8.3 million metric tons, surpassing exports.
JSW Group Managing Director Sajjan Jindal has expressed concerns about increasing Chinese steel imports, which are affecting domestic steelmakers’ margins. During the company’s annual general meeting on July 26, Jindal highlighted the need for government intervention to ensure fair competition.
“Several countries have raised barriers against steel imports, and the Indian steel industry is engaged with the government to ensure a level playing field,” Jindal stated.
Elevated imports have pressured domestic steel prices, affecting JSW Steel’s earnings despite low raw material costs. The company reported a 64 percent drop in net profit for the June quarter due to lower volumes, inventory losses, and reduced exports. JSW Steel CEO Jayant Acharya also indicated ongoing discussions with the government to implement trade measures to restrict steel imports from China and free trade agreement (FTA) countries.
In the 2023–24 period, India imported 8.3 million metric tons of steel, surpassing exports of 7.5 million metric tons. Jindal also flagged geopolitical risks impacting commodity and energy prices but remained optimistic about India’s demand, driven by infrastructure development and robust demand from major steel-consuming sectors.
“India’s outperformance is expected to continue, with rising capacity utilization levels and healthy balance sheets boosting private capex. Investments in the energy transition and the PLI scheme are additional tailwinds. JSW Steel is committed to playing a pivotal role in India’s growth,” Jindal added.
