Around 150 small-scale steel producers across India have suspended operations due to continuously low domestic steel prices, according to India’s Steel Secretary, Sandeep Poundrik.
Poundrik noted that the decline in steel prices has placed significant strain on smaller producers, coinciding with the government’s ambitious expansion plans for the sector over the next five to seven years.
“Steel prices today are lower than they should be, and small producers are struggling,” Poundrik stated.
He emphasized that protecting the steel industry is crucial for India’s long-term industrial self-reliance, describing steel as a strategic sector vital to the nation’s economic and security interests.
“If we become dependent on imports, geopolitical factors could seriously challenge our supply stability, as we are witnessing today,” he added.
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