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World Steel Association reported that India among top 10 steel importers in 2015

According to the data released by the Global Industry body World Steel Association, India become the world’s third largest steel producer, was among the top 10 importers of the alloy in 2015.

steel

Countries ranks and their Steel Imports in Million Tonnes in 2015

Ranking Countries Imports in mt
1 European Union 37.7
2 United States 36.5
3 Germany 24.8
4 South Korea 21.7
5 Italy 19.9
6 Turkey 18.6
7 Vietnam 16.3
8 Thailand 14.6
9 France 13.7
10 India 13.3
11 China 13.2


 

  • India imported more than China in 2015 while India exported 6 mt of steel in 2015 which was fraction of China Exported during the year at 111.6 mt
  • Steel Minister Narendra Singh Tomar stated that Government will take all steps to promote and safeguard the Steel Industry while Indian steel sector is going through stress.
  • Imports from China, Japan and Korea 

Initiatives by Upper House

  • Imposing Anti-dumping duty
  • Safeguard duty on imported steel products
  • Policy announcement on minimum import price

Demand Projetion:

Demand is expected to grow by 5.4 per cent to 83.8 mt in 2016

Steel demand will increase by 5.4 per cent in 2016 and 2017 reaching 88.3 mt in 2017

Challenges faced by Steel Industry:

  • China’s slowdown impacting globally across a range of indicators thereby contributing to volatility in financial markets
  • Inactive growth in global trade
  • Low oil and other commodity prices
  • Insufficient investment expenditure
  • Continued weakness in manufacturing sector