Value of steel imports tracked by government’s Steel Import Monitoring System has jumped 10 percent to $822 in August from $746 m in July, a growth of 10.11 percent in dollar terms.
June imports were even lower at $629 m. The consistent rise in imports is happening at a time when the government is focusing aggressively on import replacement through indigenous production.
Imports had crossed $1 billion in March, trend in SIMS data shows.
Products most imported
Major items of imports in value terms in August were HR coils from Germany, alloy flats and plated coils from Korea, pipes and tubes from China, HR coils from Korea and scrap from US.
Import of HR Coil Germany grew from $1 million to $40 million, screws and bolts from Japan went up from $4 million to $27 million while Alloy flats from South Korea rose from $15 million to $35 million.
Highest decrease was seen SS flats from South Korea from $18 million to $1 million while alloy flats from China dropped from $29 million to $11 million.
Import of all iron, steel items need compulsory registration
This story is from the October 2020 edition of Steel Insights.
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This story is from the October 2020 edition of Steel Insights.
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