India’s imports of finished steel dipped by over 35 per cent to 2.88 million tonnes in the April-September period of the current fiscal, Parliament was informed today.
“The quantity of import has significantly reduced by 35.8 per cent during April-September 2011-12, in comparison to the corresponding period of the previous year,” the Steel Minister, Mr Beni Prasad Verma, said in a written reply to a question in the Lok Sabha.
During April-September, India produced 34.86 mt of finished steel and the consumption stood at 34.03 mt. Exports stood at 2.26 mt.
The Minister said production grew 9.5 per cent in the first six months of the current fiscal vis-a-vis the corresponding period last fiscal. Steel consumption, however, grew only 2.8 per cent.
During the 2010-11 fiscal, India imported 6.8 mt of finished steel, even though domestic production amounted to 66.01 mt and real consumption was 65.61 mt. However, the country also exported 3.46 mt during the financial year.
“A small quantity of import as well as export of various products of steel takes place, depending upon the specific requirements of individual companies,” he said to outline the trend in the domestic steel industry.
Replying to a separate question, the minister said 41 MoUs have been signed between various state governments and private companies for investment in the steel sector during the last three-and-a-half years.