India remained net steel importer in Apr-Nov amid price pressures: Survey File
News Updates

India remained net steel importer in Apr-Nov amid price pressures: Survey

India remained a net importer of steel even as the industry faced price pressures, the Economic Survey 2024-25 said on Friday

PTI

New Delhi: India remained a net importer of steel even as the industry faced price pressures, the Economic Survey 2024-25 said on Friday.

The decline in export of finished steel during FY25 was mainly driven by gaps between international and domestic prices, the pre-Budget document for the 2024-25 fiscal year said.

PSU Watch is now on Whatsapp Channels. Click here to join

The survey said India has been a net importer of steel from April to November period of the ongoing financial year, even as companies faced price pressures and lower global prices.

The low price in the international market during this period resulted in a low margin on exports and cheaper imports, it said.

Capacity utilisation in manufacturing remains above the long-term average, and private sector order books have shown steady growth, alongside a rise in investment intentions.

However, these gains could be tempered by the global excess capacities in sectors such as steel, leading to aggressive trade policies in search of demand, the survey pointed out.

On steel demand in India, the survey said it is expanding at a strong pace, driven by an infrastructure-focused growth strategy.

This growth is further bolstered by significant advancements in key user industries, particularly building & construction, and infrastructure, the document said.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

RBI proposes easing business authorisation norms for urban cooperative banks

Coal India to touch 1-BT coal production by FY27: Reddy

Govt to set up advanced mechanical & material testing facility in Tamil Nadu

Scindia tasks BSNL to grow mobile service business by 50% next year

DoT issues Rs 7,800-crore demand notice to Tata Communications over AGR dues