India Remained Net Steel Exporter in Q1 This Fiscal

SEATTLE (Scrap Monster): The finished steel exports by India surged to hit 10.78 million tonnes (Mt) in 2020-’21. At the same time, the country imported 4.75 Mt of finished steel, thus emerging as net steel exporter.

The country continued to remain as net steel exporter in the initial quarter of the current fiscal, said the written reply submitted by the Ministry of Steel in the Lok Sabha. The exports during Q1 this fiscal totalled 3.5 Mt, whereas the imports amounted to 1.1 Mt.

ALSO READ:

Steel Exports from India Surged 26% in First Quarter 2021

India Announces Fresh Anti-Dumping Duty on Imported Steel Products

The country produced 96.2 million tonnes of finished steel in 2020-’21, whereas the consumption totalled 94.89 million tonnes. The largest public sector steel producer was Vizag Steel Plant, whose output totalled 4.302 Mt. In second place was Bhilai Steel Plant with 4.244 Mt of output. Among states, Odisha emerged as the leading producer with an output of 17.934 Mt of finished steel, followed by Jharkhand with 12.169 Mt.

The Ministry noted that the country has a total steel production capacity of 143.91 Mt. The steps taken by the government, including the National Steel Policy (NSP) and allowance of 100% FDI in the sector under automatic route has significantly boosted the industry. Recently, the Steel Ministry had signed a Memorandum of Cooperation (MoC) with Japanese Ministry to engage in joint efforts to promote the steel sectors in both the countries.