Moosa Raza, president, ISA, said, The actual rise in imports is much more than what the JPC has estimated. In some product categories, the surge was as high as 108%. However, when contacted, Tata Steel MD, B Muthuraman said imports had not been a major issue for the company. I have not analysed the JPC data to comment on them, he said.
According to Mr Raza, it was disconcerting that China is holding a huge inventory of 40 mt. He said Chinese steel could now enter the Indian market, precipitating a devastating price depression.
Countering this, SC Mathur, executive director of the Cold Rolled Steel Manufacturers Association, said Q1 results of major steel companies bear testimony to their robust profitability. Pre-tax profit of SAIL was 41% higher, while Essar Steel posted a 300% profit hike.