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Export and import are dynamic situation which keep fluctuating based on factors like cost of raw material, exchange rate, domestic demand, international price of steel, inventory stocking/destocking, demand in global market and competitiveness.

India’s exports declined by 23.1 percent to 0.598 million tonnes as shown under:

India should cut down it’s dependence on imports for special steel products by encouraging the domestic manufacturing of such products.However, steel is a deregulated sector and forming of joint venture for technology up-gradation is a purely commercial decision which depends on many aspects.

Despite being the world’s second largest producer of steel, India is still dependent on imports of special and value added steel products and there is a need to develop domestic capabilities to produce electrical grade and auto grade steel to become self-sufficient. Government is working towards the same.

Recently, SAIL and Arcelor Mittal have firmed up their Joint Venture (JV) term sheet to enter into an agreement for setting up of a plant for production of automotive grade of steel. That should take care of one segment of imports to some extent.  There has also been a tie up of Tata Steel and Thyssenkrupp (who specialize in developing electrical grade of steel), which will help for electrical steels. Steel Research & Technology Mission of India (SRTMI) has also been set-up to undertake Research & Development projects for the betterment of steel sector.

Details of the total capacity of the steel production and quantum of steel produced during 2017-18in the country is given below:

TOTAL CAPACITY OF THE STEEL PRODUCTION DURING 2017-18

This information was given by the Minister of State for Steel, Vishnu Deo Sai, in a written reply in the Lok Sabha.