BackIndia’s steel imports fall for a fourth straight month in February
Total steel imports for February fall 7.3% and India's total steel production for the month was lower by 0.9% from a year ago
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Mumbai: Total steel imports for February fell 7.3% and India’s total steel production for the month was lower by 0.9% from a year ago, according to data released by the Joint Plant Committee of the steel ministry.
However, India’s total steel production for sale in the April-February 2016 period fell 1.9% as imports in the same period rose 20.5%, while India’s steel consumption continued to grow at a steady rate of 4.3% in the same period.
India’s steel imports fell for the fourth consecutive month due to a safeguard duty imposed in September, followed by a minimum import price introduced in February. However, the fall in imports is also against a higher base due to the significant rise in imports in the same period last year.
In September 2015, India imposed a 20% safeguard duty on steel imports for 200 days in a bid to protect domestic steel manufacturers from rising cheap imports. In February this year, a minimum import price was introduced over 173 categories of steel products to restrain cheap imports into the country.
India’s total steel consumption in February grew at 4.7%, the incremental growth largely met by large steel producers. Steel production for large steel producers in the country grew 1.4% in February, while India’s total steel production fell 0.9% in the same month.
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