Global steel industry facing surplus production, says Union minister Dharmendra Pradhan

By: |
New Delhi | Published: September 19, 2019 4:37:01 PM

Indian steel industry is facing some challenges amid the ongoing trade war between the US and China, according to Union Steel Minister Dharmendra Pradhan. The minister also noted that the global steel industry is facing the challenge of surplus production.

When asked if the local industry could face challenges amid the ongoing US-China trade war, the minister replied in affirmative

Indian steel industry is facing some challenges amid the ongoing trade war between the US and China, according to Union Steel Minister Dharmendra Pradhan. The minister also noted that the global steel industry is facing the challenge of surplus production. Pradhan was interacting with reporters on the sidelines of two-day International Galvanising Conference event here.

When asked if the local industry could face challenges amid the ongoing US-China trade war, the minister replied in affirmative. “It’s facing,” he said, without speaking further. According to official data, share of imports of finished steel from FTA countries such as Korea, Japan and Indonesia aggregated around 70 per cent of total imports to India in August 2019.

Earlier, speaking at the conference, the minister also said that India will become top energy consumer in the world in the next two decades. “I don’t know what is the finished product export quantity of (zinc products) to world market but I see being associated to petroleum sector for last five years that though we are importing crude oil, there is a huge scope for exporting petroleum products to the different part of world apart from our own market… today, in energy we are number three consumer in the world. In the next two decades, India will be the number one energy consumer of the world,” he said.

Speaking about the areas of energy consumption, Pradhan said, “It will be consumed in transportation, household electrification, but primary consumption will come from industry. Industries related to manufacturing, industries related to services, related housing, capital good product etc”.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1NBFC crisis, slowdown put Modi’s goal of $5 trillion economy at risk
2Potential of India-US trade to double in five years, says Ambassador Shringla
3Sun may set on Coal India monopoly; govt to invite bids from global miners