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India Steel Exports Double
India Steel Exports Double

India Steel Exports Double

India Steel Exports Double

India’s steel exports doubled to 8.2 million tons and imports slashed by about one-third in 2016-17 on account of a slew of steps to safeguard domestic steel sector from onslaught of cheap imports especially from China, the Economic Survey said Friday, PTI reported.
The rise in exports of steel may also wipe away the excess capacity built up in the steel sector. “These steps (to safeguard industry) taken by the government have borne fruit. During 2016-17 imports of steel have declined, while exports of steel have doubled,” the mid- term survey said.
Alloy imports dipped by 36.6% to 7.4 MT in 2016- 17 as against 11.7 MT in the previous fiscal while exports doubled to 8.2 MT last fiscal over 4.1 MT in the corresponding year. “It is interesting to note that Indian exports of steel have been growing amidst a stable exchange rate of the rupee.
The rise in exports of steel may also wipe away the excess capacity built up in the steel sector,” the survey said.

 

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