Watch out for cheap steel, JSW tells India amid rising China flow
dumping of low-priced steel
into the country, Jayant Acharya, joint managing director of
JSW Steel Ltd.
, said on Tuesday. Speaking to BloombergTV, Acharya said that imports remain a concern for the domestic industry despite the government imposing a 12% safeguard duty.
Acharya warned that US tariffs on steel were contributing to fears of global oversupply, especially from China, the world's largest steel producer. He said India, which is seeing rapid economic growth, was exposed to the risk of
trade
diversions caused by such tariffs.
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Acharya pointed to the increase in India's imports of iron and carbon steel products from China in recent months. According to China customs data, imports touched 264,854 tons in June — the highest monthly figure since October. However, he added that the overall volume for the first half of the year was still lower compared to the same period a year earlier.
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JSW Steel's own performance showed significant growth. The company's profit for the quarter ending June more than doubled, surpassing the average estimates of analysts.
Looking ahead, Acharya said India would remain JSW's main market for expansion, supported by strong demand from the construction sector. The company currently operates with an annual steelmaking capacity of 35.7 million tons, with nearly 96% of it located in India.
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JSW aims to expand this capacity to 42 million tons by September 2027 and further to 50 million tons by the end of the decade. Acharya said India would continue to account for the largest share of this growth.
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