Country’s steel imports went up by a hefty 40 per cent during April -August period of current fiscal to 3.354 million tonnes on account of increased demand from sectors including automobiles and consumer durables.
The rise, from 2.398 million tonnes (MT) a year ago, on the back of a significant increase in imports of flat steel products —— used in automobiles, white goods and consumer durables —— at 2.898 MT over 2.1 MT in April—August period last year, Joint Plant Committee of the Steel Ministry said.
Non—flat products’ import also went up during the April — August period to 0.456 MT, up 58 per cent compared to 0.289 MT a year ago.
“Demand remains firm with sectors like consumer durables, machinery & equipment, electricity and motor vehicles. Given the relatively slow growth in supply conditions, the present import growth may well be due to the combined demand impetus provided by these sectors,” Joint Plant Committee (JPC) said.
China was the largest exporter for steel with a share of 24 per cent of the total imports at 0.809 MT followed by South Korea at 0.657 MT. Third in the order was Japan at 0.528 MT.
Ukraine and Germany followed these at 0.188 MT and 0.140 MT, respectively.
“Policy provisions related to concessional import duty to items from South Korea and Japan under CEPA is also instrumental in a significant growth in imports from these nations, currently in slowdown mode with supply outstripping demand,” it added.