Indian steel industry looks to improve after facing strong headwinds from global factors. Total exports by India recorded 150 percent Y-O-Y jump in February 2017 at 0.75 million tonnes marking high demand in the industry
Indian steel industry looks to improve after facing strong headwinds from global factors.
Total exports by India recorded 150 percent Y-O-Y jump in February 2017 at 0.75 million tonnes marking high demand in the industry.
However, total imports for the month declined significantly by 46 percent Y-O-Y at 0.49 million tonnes.
Declining import is a significant development for the sector representing an opportunity for domestic players to regain their market share.
Domestic steel demand is also rising as steel consumption for February rose 3 percent over Feb 2016.
As government focuses on more steel intensive infra projects such as railways, ports, steel consumption demand would see a bullish trend.
The jump in production comes in line with government’s objective of reducing dependency on imports guided by protective policies including anti-dumping and minimum support price for domestic producers.
Domestic steel players are also ramping up production coupled with efficient capacity utilisation paves tough path ahead for the steel industry.
Source: India Infoline News Service
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