China exploiting FTA route to dump steel in India: Sajjan Jindal
Sajjan Jindal, chairman and managing director of JSW Group, has voiced serious concerns about the growing influx of Chinese steel into India, primarily through Free Trade Agreement (FTA) routes involving Association of Southeast Asian Nations or ASEAN countries.
Speaking exclusively to Moneycontrol, Jindal said that China’s overcapacity in steel production is flooding global markets, with the country’s exports matching India’s entire steel production output.
The issue, however, is not limited to direct imports from China but is exacerbated by a loophole allowing Chinese steel to enter India indirectly through third-party nations that have trade agreements with India.
“The amount of steel China exports is equivalent to India’s entire production capacity. Although Chinese steel faces tariffs in the U.S. and Europe, it is still entering India through countries with which we have FTAs” Jindal said.
He emphasized that this practice undermines the integrity of India’s steel industry and presents a direct challenge to local manufacturers.
While China likely faces significant tariffs on its steel exports in key markets such as the U.S. and Europe, the country has found a way to circumvent these restrictions by exporting steel to other countries which have FTAs with India.
“These countries import Chinese steel for their domestic needs and then export their own steel to India without tariffs, effectively allowing Chinese steel to enter the Indian market duty-free,” JIndal alleged.
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