Despite the hike in import duty on certain alloy products, Indian steel imports scaled up by 20% at 5.69 lakh tonne in July. The growth in consumption is the major driver of increased imports. The consumption stood at 7.7% in the first four months of the current fiscal and domestic production soared up by 3.3%.
The alloy steel imports had increased by 32% at 6.01 lakh tonne. As per the latest provisional data from the Joint Plant Committee under the Ministry of Steel, the import of non-alloy or carbon steel products had surged by 37.3% to 1.96 million tonne for the period.
In 2011-12, steel consumption had increased at 6 per cent. For the ongoing fiscal, large steel manufacturers like SAIL and Tata Steel expect domestic consumption to increase between 8-9%.
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