Tata Steel urges India to extend import tariffs amid global competition
Tata Steel (TISC.NS) has called on the Indian government to extend import tariffs on certain steel products to protect the domestic market from foreign imports, particularly from China.
In an interview, CEO T.V. Narendran said, "Import volumes are limited in India but even small volumes disturb the market." He noted that while China continues to export large quantities of steel globally, Indian producers have limited options to export because many markets are already saturated with Chinese steel, News.Az reports, citing Reuters.
India, the world’s second-largest crude steel producer, had imposed temporary tariffs on some steel products in April to curb imports from China. Those tariffs expired last week, prompting Tata Steel to request their continuation.
Narendran also highlighted challenges faced by Tata Steel’s Europe and UK operations due to U.S. tariffs, which impacted exports of roughly 800,000 metric tons to the United States. The company is exploring alternative markets in Latin America, Europe, Africa, and the Middle East to mitigate these effects.
CFO Koushik Chatterjee added that the UK has become “a dumping ground for imports” and urged the British government to consider import curbs to protect local producers.
Regarding European operations, Tata Steel is finalizing costs related to decarbonizing its Netherlands plant, while previously announced job cuts there are still under negotiation with unions.
Looking ahead to India, Tata Steel expects steel prices in Q3 to fall by 1,500 rupees per ton compared with Q2, though domestic demand remains strong, especially from the automotive, oil and gas, railway, and construction sectors.
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