By Neha Arora
MUMBAI (Reuters) -India’s move to levy a 12% temporary tariff on some steel imports will help lower imports to an extent, JSW Steel’s chief executive, Jayant Acharya, told Reuters on Thursday.
Earlier this week, India, the second-biggest crude steel producer, imposed a temporary tariff, or provisional safeguard duty, on some steel imports for 200 days.
This comes as the country’s imports of finished steel products rose for a second straight year in fiscal year 2025 — with imports reaching a nine-year high amid higher shipments from China, South Korea and Japan.
An influx of cheaper steel from China has pushed Indian mills to scale back operations and consider job cuts.
“What has been done in safeguard is a basic tariff that will provide level playing field for the local industry,” Acharya said in an interview, adding that India remains susceptible to low-priced imports.
“We need to see if the 12% (duty) is sufficient or do we need to calibrate the safeguard duty.”
Acharya also flagged that Europe’s plans to tighten steel imports quotas restricts JSW Steel’s presence in the region, but did not elaborate.
In March, the European Commission said it would tighten import restrictions on steel in a bid to shield the ailing European steel sector from surging imports.
Separately, Acharya said JSW Steel is exploring Indian coal assets and will make acquisitions based on strategic and commercial viability.
Currently, the company sources coal — a key raw material in steelmaking — from Australia, the United States and Mozambique.
(Reporting by Neha Arora in Mumbai, Writing by Manvi Pant; Editing by Sonia Cheema)
