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Steel imports drop 39% to 4.5 million tonnes in April-October.

Date: 26-11-2016
Subject: Steel imports drop 39% to 4.5 million tonnes in April-October

NEW DELHI: Helped by steps to protect the industry, steel imports have declined 39 per cent to 4.5 million tonnes during April-October of this fiscal over the same period a year earlier.

"The government has taken various steps in the interest of the domestic steel industry from unfair foreign competition and the same have yielded positive results," Steel Minister Chaudhary Birender Singh said in a reply to the Lok Sabha.

Price realisation has improved, imports of steel have declined by 39 per cent to 4.5 million tonnes (mt) during April-October 2016 as against the corresponding period last year, the minister said.

Since the beginning of 2014-15, the Indian steel industry has witnessed severe stress due to surge in imports from countries saddled with excess capacity and fall in domestic prices.

In India, steel prices of HR coils fell to Rs 30,000 in January 2016, from a high of Rs 47,000 in April 2014.

Volume of steel imports increased to 11.71 mt in 2015-16, from 5.45 mt in 2013-14. With the decline in domestic steel prices, the net sales realisation and profit margins of domestic steel producers fell and the erosion in profit margin for the steel companies significantly decreased their debt servicing capability.

"The government has various export promotion schemes like Merchandise Exports from India Scheme (MEIS), duty exemption scheme, interest equalisation scheme etc under the Foreign Trade Policy 2015-20 which are also available for export of iron and steel goods," he said.

Source: http://economictimes.indiatimes.com/

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