The steel industry in India wants the government to raise further barriers to cheap imports from China, Japan and South Korea but officials appear wary of possible complications from providing additional support.
Indian steelmakers, like their peers around Asia and beyond, are suffering despite low iron ore prices. Citing weakening finances and falling profitability, Standard & Poor's lowered its rating on Tata Steel's debt by a notch in January while Moody's Investors Service did likewise for JSW Steel last month; JSW's revenues declined 23% in the nine months to December.
Steel imports into India rose 75.5% in the fiscal year that ended in March 2015 and were up another 24% in the current fiscal year through January. Chinese imports in particular have more than doubled in volume over the past three years.
Indian steelmakers are hardly alone in calling foul. Their counterparts in the
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