INDIA May 30 2017 3:28 PM
MUMBAI (Scrap Register): With the global standard metal quality produced by India, the country has now emerged as the net exporter of Steel this year, as per Indian Steel Association. This trend is believed to continue as it will boost the domestic production and the entire production may not be intended for domestic consumption.
During the last two years India imported large amount Steel, as the domestic consumption in the country was a bit higher than the production.“From September 2014 till end of September 2016 huge imports came to India, and since about beginning of this year, it shows the trend of becoming a net exporter,” as per Sanak Mishra, Secretary General and Executive Head, Indian Steel Association.
From the start of this year, Steel imports to the country has declined and the exports has increased as a result of various measures taken by the government. Steel exports from India during the April-March period of 2016-17 was seen at 8.244 Mt, which increased by about 102.1 percent when compared to the corresponding period last year.
The imports during April-March period of 2016-17 was 7.427 MT, which declined by about 36.6 percent when compared to the same period last year. India is now looking forward to improve the production as well as the exports of Steel and become a strong contender in the global market.