Indian steel export has dipped four per cent during the
April-August period of the current fiscal, while imports surged 39 per cent during the period under
review, Institute for Steel Design & Growth Director General Sushim
Banerjee said.
Speaking on the sidelines of a national-level
competition on design skills using steel here, Banerjee said, “South Korea
and Japan topped the imports table as they enjoy import duty benefit of 4.5 per
cent”.
South Korea and Japan after signing the FTA agreement with India are getting preferential tariff
of three per cent against 7.5 per cent from non-FTA countries.
Banerjee said the total finished steel demand
would be 75-76 million tonnes during the current fiscal while crude steel
production was expected to be 80 million tonnes.
India exports about 4-5 million tonnes of steel in
a year. The countervailing duty by US on Indian steel exports is also impacting
export, he said.
Source: The Economic Time
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