In this issue

Steel industry in India was de-licensed and de-controlled in 1991 & 1992 respectively. Today, India is the 3rd largest producer of crude steel in the world. In 2015, India’s crude steel production was 89.6 million tonnes (mnt), an increase of 2.6% over 2014 while China, Japan and USA’s crude steel production in the same year fell by 2.3%, 5% and 10.5% respectively. India was the only country in green in 2015 among the top 10 steel producing nations of the world.

However, India was also among the top 10 importers of the alloy last year, according to the latest data by World Steel Association (WSA). We imported 13.3 mnt of the metal in 2015, which was only a little higher than China, which imported 13.2 mnt of steel during the same period. This is an unsettling thought since the country had to import steel while more than 20% of its capacity remained idle over lack of raw materials and price competition with neighbors like China which dumped a large quantity of finish steel in the last couple of years. India also does not manufacture certain category of special & automotive steel and is largely dependent on imports.

The NDA government that took over the reign in 2014 has taken many a steps to restrict infiltration of cheap steel into the country and rebuild the ailing domestic industry including import duty rise, safeguard duties, export duty cuts, Minimum Import Price (MIP), expanding capacities under Make in India initiative etc.  According to rating agency ICRA, MIP which was implemented on 5 th of February did not have a material impact on the extent of steel imports till March 2016, due to the lead time of about 1.5-2 months for the shipment to arrive in India and the same led to an increase in monthly steel imports in February and March of 2016. Howsoever, Steel imports by India are expected to reduce significantly in the first half of FY2017 at least once the impact of the minimum import price(MIP) starts to be felt.

Steel 360 Magazine Description:

Steel 360 is a monthly magazine covering the metal and mining industry in India. The magazine has a readership of 50,000+ across the globe in the metal and mining fraternity across the country (print circulation only in India). Each issue of the magazine carries a highly informative cover story; write-ups on trending topics, market prices & offers, current news from the metal & mining industry, latest technology trends, columns from industry veterans, import-export statistics, information on upcoming events and much more.
The magazine is a comprehensive handbook to numerous Managing heads, Directors, CEOs, Technical Heads, Marketing/Purchase/Sales Managers, Analysts and other key decision-makers at various business groups in the metal, mining, research, financial services, infrastructure and other related sectors.

Web: https://www.steel-360.com