The ministry of steel has begun consultations with domestic producers to explore strategies for reining in imports as these have exceeded exports from India, the world’s second-largest producer of the alloy.
India imported 4.3 million tonnes of steel between April and November this year, as against exports of 4 million tonnes, becoming a net importer of the alloy.
Experts attribute the shift in the trade balance to low international prices of steel and higher domestic prices, which not only made imports viable but also inhibited exports.
Indian steel industry executives allege that Chinese producers are dumping steel in international markets given low demand in the Middle Kingdom. This has not only subdued international steel prices, but also made Indian steel uncompetitive in many key markets.
Ministry officials met with industry executives on Wednesday to discuss the situation, and have sought data and inputs from the industry and other stakeholders, said people in the know.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Why Crypto Mania Is Reaching New Heights
Donald Trump's victory has a flavour of revenge—not just for the man but also for crypto bros and their assets of choice.
Trump Picks Musk, Ramaswamy For Government Efficiency Effort
President-elect Donald Trump picked Tesla CEO Elon Musk and biotech company founder Vivek Ramaswamy, a former Republican presidential candidate, to lead an effort to cut spending, eliminate regulations and restructure federal agencies.
Donald Trump Is Recruiting A Team Of China Hawks. So Why Is Beijing Relieved?
With the expected appointments of Sen. Marco Rubio and Rep. Mike Waltz to cabinet positions, President-elect Donald Trump is putting together what some China hawks call a tough-on-China "dream team."
Small loans can spell big trouble for Indian banks
Watch out for signs of stress in India's micro-finance sector. Bad loans, even if small, extract a cost by way of reduced profits as well as higher interest charges on credit across the board
India should redesign its public safety signs to save lives
Mind studies suggest that the use of photographs depicting fear could trigger safe behaviour
Burberry is looking like a fine acquisition target this winter
This brand known for its chequered story can surely perform better
The Washington Consensus has collapsed and it won't be missed
The combination of free-market capitalism and electoral democracy that it promoted has failed to serve everyone equitably
India's statistics ministry has a new sense of purpose
The flurry of activity to get India's statistics right is laudable but we await regulatory design clarity
The rupee could suffer collateral damage if a currency war ensues
The US election is a game-changer for foreign-exchange markets that will test the rupee and RBI
PASSIVE INCOME STRATEGIES FOR MSMEs: SECURE GROWTH, STABILITY IN UNCERTAIN TIMES
I Forging diverse passive income streams takes time, but steady approach builds a strong base
