India's Steel Minister announced on Wednesday that he will seek to persuade the Finance Ministry to increase tariffs on steel imports. This move aims to shield domestic steel manufacturers from a surge in lower-cost imports, particularly from countries like China. As the world's second-largest crude steel producer, India became a net importer of steel in the fiscal year ending in March, a trend that has persisted through the first four months of the current fiscal year.

Between April and July, China emerged as the leading exporter of steel to India, delivering approximately 807,000 metric tons. Japan and South Korea followed closely behind. Speaking at an industry conference, Steel Minister H. D. Kumaraswamy revealed that his ministry had urged the Finance Ministry to implement measures to safeguard the domestic steel industry from the influx of cheaper imports. Among the recommendations was supporting the industry's call to increase tariffs on steel imports from the current 7.5% to 10%-12%.

"Our steel industry is facing a lot of problems. They are suffering," Kumaraswamy told reporters.

In August, the Indian government launched an anti-dumping investigation into specific steel products imported from Vietnam. Meanwhile, major steel producers like JSW Steel, the country's largest by capacity, and Tata Steel have confirmed that the industry is actively engaged in discussions with the government regarding potential trade measures.

"Several countries have raised barriers against steel imports, and the Indian steel industry is engaged with the government to ensure a level playing field."

Steel prices in India have plunged to their lowest level in more than three years due to higher imports and subdued exports, according to data from commodities consultancy BigMint.

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