In essentially the most high-profile antitrust case involving India’s metal sector, an investigation by the Competitors Fee of India discovered 28 companies colluded on metal costs, which means they may face hefty fines, Reuters reported completely on January 6.
Additionally Learn: India probe finds Tata Metal, JSW Metal, SAIL breached antitrust legislation
The investigation report into the 4 main firms that has not been made public reveals the fee reviewed dozens of WhatsApp chats, together with from teams named “Pals of Metal”, “Tycoons” and “Metal Stay Market” that have been seized throughout 2022 trade raids. It analysed pricing adjustments, gross sales and manufacturing patterns.
Tata Metal, JSW Metal and state-run Metal Authority of India Restricted, or SAIL, and Rashtriya Ispat Nigam Restricted, or RINL colluded throughout 2018-2023, the report says.
“There may be sufficient circumstantial proof … of concerted efforts by SAIL, RINL, JSW and Tata Metal,” the fee report, drafted in April 2025, stated.
The 4 firms “have been influencing the market with the delicate value info prematurely,” it stated.
Consultancy BigMint estimates the businesses account for 44.4% of India’s metal market.
TATA STEEL ‘CATEGORICALLY DENIES ANY WRONGDOING’
Tata Metal in a press release to Reuters stated it “categorically denies any wrongdoing” and that it determines its costs independently based mostly on prevailing market circumstances and different elements.
It added it is going to submit its detailed responses to the competitors fee.
JSW, SAIL and RINL didn’t reply to requests for remark from Reuters. Their executives denied wrongdoing in the course of the investigation, the report stated.
The competitors fee, which doesn’t make any cartel case particulars public according to its guidelines, additionally didn’t reply.
WHATSAPP CHATS AND STEEL BAR TYCOONS
The metal case began in 2021 and the businesses have been in October requested to submit their monetary particulars – usually requested for penalty calculations – and share any last objections.
Senior officers on the fee are reviewing the findings. They’ve powers to impose fines, or overturn investigation findings.
Tata, JSW, SAIL and RINL weren’t raided within the 2022 operation, however many smaller companies and trade teams have been.
India’s competitors fee retrieved chats from the telephones of different firms’ executives that referred to the pricing plans of JSW, Tata, SAIL and RINL.
The report made no point out of any message being written by the 4 firms’ executives, however stated the investigators correlated info within the chats with firm’s precise value adjustments, and located them to be in synchrony.
One message in 2022 was posted in a bunch referred to as “TMT TYCOONS” – TMT refers to metal bars utilized in building. It stated: “TODAY SAIL INCREASED Rs. 1000pmt in HR COIL/FLAT merchandise. As per shut sources, all main producers are more likely to enhance costs.”
One other message from 2020 learn: “All major producers like jsw, tata … and sail planning to extend TMT value by 1500 to 2000 pmt from 1st Nov.”
PRESENTATIONS AND ‘CLEAR-CUT CORROBORATION’
India is the world’s second-largest producer of crude metal, and demand for the alloy has risen as infrastructure spending has elevated within the fast-growing main financial system.
The competitors fee has held JSW’s billionaire Managing Director Sajjan Jindal, Tata Metal CEO T.V. Narendran, 4 former SAIL chairpersons and three former ones of RINL chargeable for value collusion, as Reuters reported earlier this month.
A few of RINL’s inside authorities displays pointed to the alleged collusion by the 4 gamers, the report confirmed.
An RINL presentation to a authorities committee confirmed that for each month between 2018-19 and 2022-23 it “submitted market costs of TMT bars of SAIL, TATA and JSW for arriving (at) the promoting value of TMT bars by RINL.”
Additional, the fee report discovered that a minimum of in 2020-21 there was a “managed discount in manufacturing by Tata, JSW, SAIL and RINL to the tune of 16% to 22%”.
One particular RINL presentation to a authorities committee in 2020 confirmed that it internally famous there have been “manufacturing cuts by producers”.
“These details (are) tantamount to clear-cut corroboration/admission of allegation of manufacturing cuts by the stated massive metal producers,” the report stated.
