- India's finished steel imports increased by 38.1% in the
last fiscal year, making it a net importer.
- The Indian steel
industry has called on the government to intervene and initiate safeguard
measures to protect domestic producers.
- India has announced
ambitious targets to ramp up steel production capacity and reduce its
environmental footprint.
Via Metal Miner
India has ended the financial year 2023-2024 as a net importer of
finished steel, which has sent the alarm bells ringing in industry circles
throughout India. Mainly, insiders want to know how the changing import status
might affect steel costs and India’s push for self reliance.
According to news agency Reuters, as per initial government
data, India imported 8.3 million metric tons of finished steel in the last
fiscal year. This represents an increase of 38.1% from a year earlier. Such
high imports fly in the face of targets set by the Indian Government regarding
self-reliance in steel manufacturing.
Alarmed by the rising imports to feed the increasing consumption
of steel in India, steel mills have now asked the Indian Government to
intervene and initiate safeguard measures. The association representing the
steel companies has also asked for similar interventions in the past. However,
the Ministry of Steel has yet to act upon these demands.
Indian Steel Industry Sounds the
Alarm