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Steel exports zoomed 102% in 2016-17 while imports fall 36.6%

Country’s steel exports jumped by 102.01% in 2016-17, overtaking the imports.
As per the report issued by Steel Ministry, the steel exports raised by 102.01% in 2016-17 to 8.24 million tonnes (mt), as compared to 4.07 million tonnes shipped out in the previous fiscal year 2016-16.
The Institute for Steel Development and Growth’s Director General, Sushim Banerjee said on Wednesday, that as domestic consumption is not picking up well, steel producers have been eyeing on exports, such trend is being expected in 2017-18 due to the brown-field expansion of steel in India.
Steel producers, including SAIL, have been making up the big plans for exports.
On the other hand, the imports of total finished steel stood at 7.42 mt in 2016-17 as compared to 11.71 mt in 2015-16, reducing by 36.6%, according to provisional data.