DECLINE IN STEEL EXPORTS
DECLINE IN STEEL EXPORTS
Details of overall export of total finished steel in last two years and April- Nov 2024-25 (prov.) is given below:-
Finished Steel Export
Year
Quantity (in MnT)
2022-23
6.72
2023-24
7.49
April-November 2024-25*
3.15
Source: Joint Plant Committee (JPC); MnT=million tonnes; *provisional
Steel is a deregulated sector, and the role of the Government is that of a facilitator. Export of steel is dependent on factors such as global market conditions, demand and supply, cost of input raw materials such as iron ore, coking coal etc. which are market linked. Government regularly monitors the overall steel scenario including exports, imports, prices etc.
The Government has taken the following steps to enhance competitiveness of India Steel Industry: –
This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.
- In the Union Budget 2024-25, Basic Customs Duty (BCD) has been reduced from 2.5% to Nil on Ferro-Nickel and Molybdenum ores and concentrates which are raw materials for steel industry.