India is now looking for new markets for steel export.Image Credit source: ChatGPT
The Indian government no longer wants to depend only on Europe for steel. Anyway, Europe is also making its rules very strict regarding clean energy. In such a situation, India is also trying to diversify its market a little. For this the Indian government has turned towards Asia and the Middle East. Also, talks are going on with the governments of those countries. According to the information, a big deal regarding steel can also be made with India in the next 6 months. However, to compete with China, India is continuously working to increase the export of steel. India is the second largest producer in the world after China. Let us also tell you what kind of figures have come out regarding steel export.
India in contact with these countries
India is looking for new markets for steel exports in the Middle East and various Asian countries. Giving information, an official said that many agreements are expected to be signed with Indian companies in this regard in the next six months. The official said that our exports were mainly focused on Europe, but we (government) are trying to diversify exports. He said that talks are going on at the government-to-government (G-to-G) level with many countries in West Asia and Asia. Talks are going on at various levels and positive results are expected in the next six months. The official said that we are working on MoUs with countries, so that cooperation can be increased in these areas. For example, West Asia is a new market region where infrastructure development is taking place on a large scale.
How are India’s production figures?
According to a Reuters report in January, India was a net exporter of finished steel in the first nine months of the current financial year, with export volume of 48 lakh metric tonnes, which is 33.3 percent more than the previous year, according to provisional government data. Data showed that the world’s second largest raw steel producing country imported 46.5 lakh metric tons of finished steel during the same period. In December, the government imposed tariffs on some steel products to curb cheap steel, mainly coming from China.
This tariff, known locally as security duty, will be applicable at the rate of 12 per cent in the first year, 11.5 per cent in the second year and 11 per cent in the third year. According to the data, India produced 117.6 lakh metric tonnes of finished steel between April-December, while consumption stood at 119.3 lakh metric tonnes. According to the data, the production of crude steel during this period was 123.9 lakh metric tons. Major Indian steelmakers increased hot-rolled coil and cold-rolled coil prices by up to Rs 2,000 ($22.19) per metric tonne in January, according to commodity consultancy Bigmint.