The Dollar Business Bureau: The Government on Monday said that India exported 8.22 million tonnes of finished steel during the April-January period of the current financial year.
As compared to exports, the country’s imports were lower at 6.45 million tonnes during the 10-month period of 2017-18, said Vishnu Deo Sai, Minister of State for Steel, in a response to the Lok Sabha.
The country had exported 8.24 million tonnes of finished steel during the fiscal of 2016-17 and 4.08 million tonnes in the 2015-16 fiscal, the Minister said.
On the other hand, the country’s imports of finished steel stood at 7.23 million tonnes in the 2016-17 financial year, while imported 11.71 million tonnes of finished steel during 2015-16 fiscal.
Replying to a question on a volatile pricing of iron ore, a major raw material used in the manufacturing of steel, Sai said that the Government does not regulate or control the prices of iron ore or any other raw material in the country.
“There is a transparent policy of allocation of mineral and its extraction,” he added.
The Minister further said that steel manufacturers in the country are free to import any raw material depending on their financial consideration.
During April-January 2017-18, the production of finished steel in the country was to 88.59 million tonnes.
In India, the per capita consumption of steel is around 63 kg and the government is aiming to take it to 160 kg by 2030-31.
Source: thedollarbusiness.com