Steel Makers Seeks Anti-Dumping Safeguards in Upcoming Budget

Domestic steel makers stated they anticipate protective measures in the upcoming Budget to shield the industry from dumping. AMNS India CEO Dilip Oommen mentioned that he anticipates the government will maintain its emphasis on infrastructure growth while improving the business environment. Finance Minister Nirmala Sitharaman is set to present the Union Budget for the fiscal year 2025-26 in Parliament on February 1, 2025.

JSW Steel Joint MD & CEO Jayant Acharya stated that a fair competitive environment and actions against unfair trade practices will be crucial for sustaining the growth trajectory of the Indian steel sector. Anubhav Kathuria, Managing Director of Synergy Steels, stated that the Budget might also explore fiscal incentives and logistical aid to alleviate elevated input costs that compressed margins in 2024.

JSL MD Abhyuday Jindal said, "We urge the government to raise the basic customs duty on stainless steel products to 15 per cent for all non-free trade agreement countries."

These measures will enhance the domestic stainless steel industry and establish it as a crucial contributor to India's Viksit Bharat@2047 vision, he stated.

Ritabrata Ghosh, Vice President & Sector Head, Corporate Ratings, ICRA, said, "Current year 2024 was a challenging year for the domestic steel players, as the industry witnessed earnings pressure amidst steel exports from China and other FTA countries being diverted in large volumes to high-growth markets like India."