U.S. President Joe Biden's push to triple tariffs on Chinese steel imports strikes a mostly symbolic blow on an industry facing bigger concerns over faltering local demand and threats of even stronger blowback against China's surging exports. The state-backed China Metallurgical Industry Planning and Research Institute (MPI) forecasts a 1.7% drop in China's steel demand this year, following a 3.3% decline in 2023. While China's steel exports last year climbed more than a third to their highest since 2016 at 90.26 million metric tons, about 9% of its total crude steel output, just 598,000 tons of the shipments went to the United States.
Mumbai: Ahead of the unveiling of the Interim Budget 2024 by Finance Minister Nirmala Sitharaman on February 1, Shyam Steel Industries Ltd Director Lalit Beriwala made a string of suggestions to ease disruptions and propel the steel industry’s growth.
India Steel Import: India s steel imports reached a five-year high, turning the country into a net importer of finished steel. Steel demand slowed down in Europe and the United States. Indian steel mills have asked for government interventions against surging imports, but the Ministry of Steel resisted curbs.