India’s steel giants accused of price collusion and output reduction in antitrust probe
New Delhi: An investigation by the Competition Commission of India (CCI) has found that four major steel manufacturers—Tata Steel, JSW Steel, and state-owned entities SAIL and RINL—shared pricing strategies and synchronised production reductions to restrict market supply. According to an exclusive Reuters report, this antitrust case involves 28 firms and could result in significant financial penalties.
The findings, detailed in an April 2025 report, rely on evidence gathered during 2022 industry raids. Investigators examined sales data, production trends, and dozens of WhatsApp messages from groups such as “Friends of Steel”, “Tycoons”, and “Steel Live Market”. The CCI report states that Tata Steel, JSW Steel, SAIL, and RINL engaged in these activities between 2018 and 2023.
The document notes that these four companies “were influencing the market
with the sensitive price
information in advance.” Together, they represent 44.4 per cent of the Indian steel market, according to BigMint. While the major firms were not direct targets of the 2022 raids, the CCI recovered messages from other executives’ phones that detailed the pricing intentions of the top four producers. One 2022 message in a group titled “TMT TYCOONS” stated:
“TODAY SAIL INCREASED Rs. 1000/pmt in HR COIL/FLAT products. As per close sources, all primary producers are likely to increase prices.”
Another post from 2020 said:
“All main producers like JSW, Tata... and sail planning to increase TMT price by 1500 to 2000 pmt from 1st Nov.”
The investigation also identified production cuts between 16 per cent and 22 per cent during the 2020-21 period. Internal RINL presentations noted these reductions, which the CCI described as “clear-cut corroboration/admission of allegation of production cuts.”
Tata Steel denied the allegations in a statement to Reuters, saying it “categorically denies any wrongdoing” and maintains that its pricing is determined independently. JSW, SAIL, and RINL did not provide comments to Reuters, though their executives denied the claims during the probe.
The CCI has held specific leaders liable, including JSW Managing Director Sajjan Jindal, Tata Steel CEO TV Narendran, and several former leaders of SAIL and RINL. Senior commission officials are currently reviewing the findings and have requested financial records to determine potential fines. As the world’s second-largest crude steel producer, India’s market remains under close scrutiny amid rising infrastructure demand.
