India Remains Net Steel Importer As Inbound Shipments Rise 20% In April-January
The country imported 8.29 million tonnes during the period as compared to 6.89 million tonnes in the same period last fiscal.
India stayed net importer of steel with the inbound shipments rising over 20% to 8.29 million tonnes during the April-January period of this fiscal, official data showed on Friday.
The country had imported 6.89 million tonnes of steel in the ten month period of 2023-24 financial year.
"India was a net importer of finished steel. Import of finished steel was at 8.292 MnT, with a year-on-year growth of 20.3%," according to the data.
Against imports, exports have shrunk to 28.9% to 3.994 MT during the said period compared to 5.619 MT in April-January period of preceding fiscal year.
Steel and stainless steel industry players have been consistently raising the issue of import with the government, claiming the surge in inbound shipments from select group of countries including China has affected their competitiveness.
Recently Steel Secretary Sandeep Poundrik said that India needs to add 100 million tonnes (MT) of steel making capacity by 2030 on priority to avoid becoming dependent on imports.
The official also pointed out that slumped steel demand and over capacities globally have affected the domestic industry.
Speaking to PTI, Tata Steel CEO TV Narendran had earlier said, "It would be a pity if the situation continues in the long run. We have to be watchful about imports."
Abhyuday Jindal, Managing Director of JSL has said, the industry urges the government to raise the basic customs duty on stainless steel products to 15% for all non-free trade agreement countries.
