Search Result for : India Steel Exports

The Dollar Business Bureau The Union Minister for Steel Chaudhary Birender Singh on Friday said the government will ensure that steel products are not brought into the country in the guise of utensils or finished products. “We are keeping an eye on the import of steel in guise of finished products. We will not allow such kind of practice even in trade,” Union Minister of Steel Chaudhary Birender Singh told reporters after addressing a meeting of the National Steel Consumers’ Council here. He stated that the government has been successful in reducing steel imports by 37% which were mostly from China in FY 2017.This happened due to India's tough anti-dumping measures and also due to the withdrawal of the Minimum Import Price of ...

PTI India's steel industry has come out of the stress, with the exports going up by 57% and imports declining by 34%, the government told the Rajya Sabha today. Steel Minister Chaudhary Birender Singh said the country's steel output is at around 120 million tonnes and the government is aiming to achieve 300 million tonnes by 2030. "There was recession in global steel sector and it had an impact on India as well. Our steel industry was in stress for more than three years. But the situation has changed in last six months," he said. In the last six months, steel output has gone up by 15 lakh tonnes and exports have shot up by 57 per cent while imports have down by ...

The Dollar Business Bureau India's steel exports in January 2017 stood at 0.889 million tonnes (mt), which is three times higher than January 2016 exports of 0.274 mt. In the period April-January of the fiscal year 2016-17, steel exports have been valued at 5.865 mt, registering a growth of 71%. The 224% increase in January exports of steel is commendable. This huge improvement comes amid earnest efforts by the government to protect local steel manufacturers from dumping by neighbouring country China. Imposition of anti-dumping duty on steel has been a decisive move in this direction. The Ministry of Steel is also intent on fostering local steel production, as demonstrated by its ambitious goal of taking annual indigenous steel capacity to 300 mt by fiscal 2030-31, from 122 mt in 2015-16. During the first ten months of 2016-17, the import of finished steel has also ...

The Dollar Business Bureau India could become a net exporter of steel this year, as the international prices of the metal has seen a rebound, while the domestic market has seen cost-push and a decline in retail sales, courtesy of Prime Minister Narendra Modi’s demonetisation scheme. During April-November 2016-17, India’s steel exports grew 53% over the corresponding period of last year. Imports of the metal, however, dropped 39% to 4.73 metric tonnes during the same period. As there is still a quarter to go in the current financial year, steel sector is expecting steel exports to surpass imports. Last year, steel imports grew considerably to reach 12.7 metric tonnes while exports stood at 4.6-4.7 metric tonnes. Cost-push has pushed prices of the metal in ...

The Dollar Business Bureau India could become a net exporter of steel this year, as the international prices of the metal has seen a rebound, while the domestic market has seen cost-push and a decline in retail sales, courtesy of Prime Minister Narendra Modi’s demonetisation scheme. During April-November 2016-17, India’s steel exports grew 53% over the corresponding period of last year. Imports of the metal, however, dropped 39% to 4.73 metric tonnes during the same period. As there is still a quarter to go in the current financial year, steel sector is expecting steel exports to surpass imports. Last year, steel imports grew considerably to reach 12.7 metric tonnes while exports stood at 4.6-4.7 metric tonnes. Cost-push has pushed prices of the metal in ...

The Dollar Business Bureau India would become the world’s second biggest steel manufacturer by 2016-end, Steel Minister Birender Singh said. China is currently the world’s largest steel manufacturing country, followed by Japan. It produces five times more steel than India. "At present, about six lakh tonnes of steel is manufactured in old factories and private plants across India. Steel industry accounts for just two per cent share in the Gross Domestic Product (GDP) of the country and efforts are being made to increase it," he said. He said the government is planning to set up a new steel manufacturing plant with one million tonne capacity, and the steel manufactured here will be exported. Singh also emphasised the need to bridge education gap ...

The Dollar Business Bureau India’s steel imports in April dropped to its lowest figure in almost a year, as the inbound shipments of the metal fell by over 34 percent.Last month, imports of steel dropped 34.20 percent to 654,000 metric tonnes from 994,000 tonnes in March this year, said a provisional data released by the Steel Ministry.The fall in imports has been significant for various reasons. For one, the drop comes in the background of the government’s prolonged efforts to curb cheap imports of steel from various countries, especially China. India had bought a record 11.2 million tonnes of steel during January-March this year. And second, by far the most significant, a weakening of the Chinese currency thereby adding further woes ...

Source: PTI   Billionaire Sajjan Jindal's JSW Energy will acquire a 1,000 MW power plant from his younger brother Naveen-led heavily indebted Jindal Steel and Power Ltd for Rs 6,500 crore. JSW will pay at least Rs 4,000 crore, excluding net current assets, and an additional Rs 2,500 crore if JSPL's 1,000 MW power plant in Raigarh, Chhattisgarh secures a long term power purchase agreement, the firms said in statements. Sajan and Naveen, sons of billionaire Savitri Devi Jindal, once competed to buy foreign assets, but JSPL has run into rough weather with Supreme Court cancelling its coal mine allocations and weak global commodity prices. JSPL, which has a debt of close to Rs 46,000 crore, said the deal, to be completed by ...