PIB News Update: Union Minister of Steel Shri Dharmendra Pradhan has informed that The domestic iron ore prices have increased by 15-20% in the recent past. As iron ore is the basic raw material for steel, increase in domestic iron ore price enhances the cost of steel production.
The details of export and import of steel during the last five years and of current year is given below:-
| Year
|
Exports
(Quantity in million tonnes) |
Imports
(Quantity in million tonnes) |
| 2014-15 | 5.59 | 9.32 |
| 2015-16 | 4.08 | 11.71 |
| 2016-17 | 8.24 | 7.23 |
| 2017-18 | 9.62 | 7.48 |
| 2018-19 | 6.36 | 7.84 |
| 2019-20(Apr.’19-Dec.’19)(Prov.) | 6.52 | 5.51 |
(Source: JPC)
Indian Steel Sector is a de-regulated sector. Indian steel companies take their own commercial decisions based on market dynamics, both for domestic as well as overseas trade. However, Government has taken various steps as follows to boost export competitiveness: –
- Export promotion schemes like MEIS, Market Access initiative, Export Promotion Council, Advance Authorization, etc.
- Maintaining very low import duty on critical inputs like coking coal, iron ore, steel scrap, nickel, etc.
- Promoting multi model logistics and enhancing use of inland waterways and coastal shipping to reduce logistics cost, which is significant for the steel industry.