Steel mills in India reversing import woes with export push

Mumbai: India’s steel exports rose 78 per cent to 6.6 million tonnes, while imports fell by 39 per cent between April 2016 and February 2017, making India a net exporter of steel for the first time in four years, according to the Indian Steel Association. The domestic steel output grew 11 per cent to 92 million tonnes and consumption grew 3.4 per cent to 76.2 million tonnes during the same period. During 2015-16, India imported 11.7 million tonnes as it was flooded with cheap supplies from China, the biggest steel producer and exporter. To control inflows, the Government of India initiated trade measures like safeguard tax, anti-dumping duty and floor price on shipments.

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