From The Economic Times · ET Online · · 1m 40s
India doesn't need US steel exports, says Jindal
Jindal Steel's chairman argues India's massive domestic market can drive steel growth without relying on American sales.
In brief
Jindal Steel's chairman argues India's massive domestic market can drive steel growth without relying on American sales. India's large domestic steel market and low per-capita consumption offer enough growth potential that US tariffs and export restrictions pose minimal threat to the industry. Originally reported by…
India doesn't need US steel sales
Naveen Jindal, chairman of Jindal Steel and a BJP MP, says India's steel industry can thrive without exporting to the US. The country's massive domestic market provides sufficient growth opportunities.
“India is a very big market in itself and we can do without USA”
US tariffs already sky-high
Indian steel products have faced tariffs exceeding 200 percent in the US for over a decade. Even when tariffs were 50 percent, India wasn't exporting steel to America, Jindal noted.
“A lot of products in steel already have more than 200% tariff for more than a decade”
Domestic consumption far below global average
India's per-capita steel consumption is just 107 kilograms annually, compared to the global average of 220 kilograms. This gap represents enormous growth potential within India itself.
“Steel per capita consumption is still quite low. It's just about 107 kg per person per annum compared to world average which is more than 220”
Infrastructure boom drives steel demand
India's ongoing infrastructure development creates strong domestic demand for steel. Finished steel consumption rose 7.9 percent year-on-year to 56 million tonnes in April-July 2026.
India must follow EU carbon rules
Indian steel companies exporting to Europe must comply with the EU's Carbon Border Adjustment Mechanism. Jindal says India accepts these rules as fair since they apply to EU producers too.
“Whatever their rules are, we have to play by those rules”
Coal gasification reduces gas imports
Jindal backs increased domestic coal gasification to reduce India's dependence on imported natural gas. India currently has 22.6 million tonnes per annum of coal gasification capacity operational or under implementation.
Steel makers cutting emissions
Indian steel producers are actively working to reduce their carbon emissions. Jindal says the industry views emission reduction as a shared responsibility and duty.
“Every steel maker is working on reducing their emissions and we all feel it's our duty to do that”
What to remember
India's large domestic steel market and low per-capita consumption offer enough growth potential that US tariffs and export restrictions pose minimal threat to the industry.
