Steel imports on the decline in last three years

By: |
July 27, 2021 2:30 AM

Against domestic consumption of 98.71 million tonne (MT) in 2018-19, 100.17 MT in 2019-20, 94.89 MT in 2020-21 and 24.58 MT in the first three months of the current fiscal, India imported 7.9 MT in 2018-19, 6.8 MT in 2019-20, 5 MT in 2020-21 and 4.7 MT in the April-June period of the current fiscal.

The share of imports in domestic consumption fell to 5% in 2020-21 from 6.8% in 2019-20 and 7.9% in 2018-19. The share fell even further to 4.7% in the first three months of the current fiscal, data compiled by the steel ministry showed.The share of imports in domestic consumption fell to 5% in 2020-21 from 6.8% in 2019-20 and 7.9% in 2018-19. The share fell even further to 4.7% in the first three months of the current fiscal, data compiled by the steel ministry showed.

Steel imports have declined in recent years, the government said in Parliament on Monday.

Against domestic consumption of 98.71 million tonne (MT) in 2018-19, 100.17 MT in 2019-20, 94.89 MT in 2020-21 and 24.58 MT in the first three months of the current fiscal, India imported 7.9 MT in 2018-19, 6.8 MT in 2019-20, 5 MT in 2020-21 and 4.7 MT in the April-June period of the current fiscal.

The share of imports in domestic consumption fell to 5% in 2020-21 from 6.8% in 2019-20 and 7.9% in 2018-19. The share fell even further to 4.7% in the first three months of the current fiscal, data compiled by the steel ministry showed.

“The demand for steel in the country is predominantly met by domestic production and the percentage share of import in consumption has been gradually declining for last three years,” steel minister Ram Chandra Prasad Singh said in a written reply in Lok Sabha on Monday.

The share of domestic production in consumption of steel has risen from 92.1% in 2018-19 to 93.2% in 2019-20, 95% in 2020-21 and 95.3% in the first three months of the current fiscal.

India produced 101.29 MT finished steel in 2018-19, 102.62 MT in 2019-20, 96.2 MT in 2020-21. In the April-June period of the current fiscal, India produced 26.23 MT finished steel.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Amazon expands language support for sellers ahead of festive season; teases Great Indian Festival sale
2Vodafone Idea claims to record peak 5G speed of 3.7 gbps during trials in Pune
3MSME loan share in commercial loans by value jumps over 50% in five years: Report