Advertisement

Steel imports on the decline in last three years

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.

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.

READ IN APP
X
Switch to Hindi Edition