Imports of steel minimal, domestic industry progressing tremendously: Scindia

New Delhi: The inbound shipment of steel is very minimal, said Steel minister Jyotiraditya M Scindia on Thursday amid industry flagging the issue of cheap imports. "If you look at the numbers, the rise is very very minimal. Our market is growing tremendously, and our domestic producers are supplying well," the minister said. According to industry data, imports of finished steel rose by 21 percent to 4.77 million tonnes (MT) in 2022 from 3.94 MT in 2021.

Industry is facing supply chain issues along with increase in prices of raw materials: Sahay

Alok Sahay, secretary general of Indian Steel Association (ISA), said that the industry is undergoing the pressure of supply chain issues coupled with increasing raw material prices. ISA is the apex industry body of steel sector.

"The prices of key raw material coking coal have registered a sharp increase of 55 percent from USD 248 per tonne on December 1, 2022 to USD 345 a tonne on February 15," he said.

'Steel is exported to India by FTA countries at lower than their domestic prices'

"Steel is exported to India by FTA (free trade agreement) countries at lower than their domestic prices, which is nothing but dumping. We have been repeatedly raising the issue of cheap imports with the ministry," Sahay said.

Coking coal is a key raw material used in manufacturing of steel and India remains dependent on imports to meet over 85 per cent of its coking coal requirement.

(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.)