New Delhi, India stayed net importer of steel with the inbound shipments rising over 20 per cent 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 10-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 per cent,” according to the data.
Against imports, exports have shrunk to 28.9 per cent 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 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 T V Narendran had earlier said, “It would be a pity if the situation continues in the long run. We have to be watchful about imports.”
JSL MD Abhyuday Jindal has said, the industry urges the government to raise the basic customs duty on stainless steel products to 15 per cent for all non-free trade agreement countries.
This article was generated from an automated news agency feed without modifications to text.
