Mumbai, Oct 22 (PTI) India's steel sector faced significant headwinds due to cheap imports and dumping from major global steel producers during 2023-24 and 2024-25, RBI's latest Bulletin said, as it called for policy support to boost the competitiveness of domestic steel production.

An article published in the Reserve Bank's October Bulletin noted that steel imports have seen a surge, largely driven by lower import prices. This has adversely impacted the domestic steel production.

"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 recent initiative to impose the safeguard duty provides insulation against the import dumping," said the article titled 'Steel Under Siege: Understandi

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