“In response to this, the government in 2016, introduced a host of measures like raising Basic Customs Duty, imposition of Minimum Import Price (MIP) and anti-dumping duties in order to shield the domestic producers,” the Survey said.Against the backdrop of China&China Pipe Clamp Ring Manufacturers39;s recent economic slowdown, the global steel industry has faced major distress due to decline in global demand, including China’s demand for steel, the survey said.2 MT last fiscal over 4.The government notified the MIP of steel in February 2016 for a period of one year.”These steps (to safeguard industry) taken by the government have borne fruit. During 2016-17 imports of steel have declined, while exports of steel have doubled,” the mid-term Survey said.4 MT in 2016-17 as against 11.7 MT in the previous fiscal while exports doubled to 8. Steel exports doubled to 8. end-of Tags: india steel output, economic survey Location: India, Maharashtra, Mumbai (Bombay).The rise in erts slashd by about one-third in 2016-17.”
It is interesting to note that Indian exports of steel have been growing amidst a stable exchange rate of the rupee.The steel sector is one of the core industries in the economy.Due to rise in demand for steel globally and slowdown in imports, domestic production of steel has risen by 11 per cent after accounting for the possible excess capacity in the sector, it said.The domestic production of total finished steel in 2016-17 has been 101.Alloy imports dipped by 36.On April 12, 2016, India initiated countervailing duty investigation concerning imports of certain hot rolled andcold rolled stainless steel flat products, originating in China. New Delhi: Steel exports doubled to 8.India is the at present the third largest producer of Steel in the world.In addition, excess capacity in steel production led to dumping of steel by China, South Korea and Ukraine into Indian markets at low prices, it said. The rise in exports of steel may also wipe away the excess capacity built up in the steel sector,” the Survey said
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