India Antitrust Investigation Uncovers Alleged Steel Cartel Involving Tata, JSW, SAIL, RINL

As per Reuters, an investigation by the Competition Commission of India (CCI) has reportedly found evidence indicating that 4 major steel manufacturers – Tata Steel, JSW Steel, SAIL and RINL – shared pricing strategies and coordinated production cuts from 2018 to 2023, suggesting cartel-like conduct within the domestic steel industry. 

WhatsApp Chat Evidence Suggests Collusion 

The CCI reviewed dozens of WhatsApp group chats, including "Friends of Steel", "Tycoons" and "Steel Live Market", which were collected during 2022 raids on industry players.  

Although the 4 large steelmakers were not directly raided, messages recovered from executives at smaller firms referenced pricing plans of Tata Steel, JSW Steel, SAIL and RINL.  

One such message dated 2020 stated collective plans by the primary producers to increase TMT prices by ₹1,500 to ₹2,000 per metric tonne starting November. 

Market Impact and Collated Data Patterns 

Between the years 2020 and 2021, the firms were collectively found to reduce production levels by approximately 16% to 22%. Correlation was also found between internal company data and third-party messages referencing upcoming price hikes. One message noted: “TODAY SAIL increased ₹1,000 per metric tonne in HR coil prices. All producers likely to follow.” 

Presentations and Involvement of Top Executives 

Internal RINL presentations reportedly submitted to a government committee listed competitors’ pricing – Tata, JSW and SAIL – as benchmarks for RINL's TMT pricing. The investigation also named managing directors and former chairpersons from all four companies as liable for the alleged misconduct. Consultancy BigMint estimated that these companies represented 44.4% of the Indian steel market. 

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Formal Denials and Investigation Status 

Tata Steel issued a statement denying any wrongdoing and claimed its pricing decision-making remains independent and based on prevailing market conditions. JSW, SAIL and RINL did not make comments public but reportedly denied allegations during the inquiry. The competition commission has not issued any public statements, given confidentiality protocol. 

Conclusion 

The CCI’s findings point to coordinated behaviour among four leading steelmakers, involving price discussions and production controls. The investigation relied heavily on digital communication records and internal documents to establish these operational linkages. 

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