From a net exporter India turns into a net importer
Unit of the Ministry of metallurgical industry of India shared their preliminary data. Joint Plant Committee announces that the import of steel products has grown substantially. We are talking about the volume from April 2018 to February 2019. So it was imported 7.13 million tonnes. Compared with the previous same period the index rose by 1.9%. With regard to exports, it declined to 5.77 million tons. This is 35% less than it was a year earlier. The last two years, India was a net exporter. Now it smoothly turns into a net importer.
The reduction in exports is explained by the introduction of us steel tariffs. So experts explain. In addition, it was negatively affected by the introduction of European import quotas. India was forced to reduce the volume of external supplies. First of all, this applies to cold rolled coils. Also had to reduce exports of coated. A separate role was played by the expansion of domestic demand for steel. Indian metallurgical enterprises increased the number of orders.
For the most part now exported carbon sheet products. It takes 75% of the total exports. It also accounts for 70% of imports. Deliveries are made primarily from Japan and China. Also a leading provider of rental is South Korea. Some Indian firms need to tighten import restrictions. The decrease in the import volume has a negative effect on local steel producers. It is proposed to increase the minimum import prices for various types of sheet metal. We are talking about prices set in 2016. They propose to increase by at least 30%. There is also a proposal for protective import duties on steel.
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