India’s steel industry has come under pressure from a surge in cheap imports and dumping by major global producers during 2023–24 and 2024–25, according to the Reserve Bank of India’s (RBI) latest October Bulletin. The central bank has called for policy intervention to strengthen the competitiveness of domestic steel manufacturing.

The article titled “Steel Under Siege: Understanding the Impact of Dumping on India” highlights that steel imports have risen sharply, primarily due to lower import prices, which have hurt local production and profitability.

“The dumping of cheap steel from global producers may pose a risk to the domestic steel production, which can be mitigated through suitable policy measures,” the RBI article noted.

It further pointed out that the government’s recent move to impose safeguard duties could help provide temporary relief to Indian producers against unfair pricing practices.

The RBI emphasised that sustained policy support — including trade protection, incentives for capacity expansion, and technology upgrades — is essential to ensure long-term growth and competitiveness in India’s steel sector, a key driver of infrastructure and industrial development.