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Union steel minister told that India should look to export 6-7% of the produced steel

Steel ExportsUnion steel minister Chaudhary Birender Singh told that India should get ready to export 6 to 7% of the overall steel produced the country which is only 1.5% currently.

In a meeting organized by Bharat chamber of commerce, the minister told that “There is no reason to be happy with 1.5% of export. In the next few years, Indian steel exports should increase to 6-7 percent of total manufacturing.”

The completed steel export of Indian saw a growth of 57.7% in April-October 2017 attaining 5.626 million in comparison to the same period of last year.

Singh discussed the protect actions like the lowest transfer price and anti-dumping duty that the govt has taken have helped the domestic steelmakers. Indian steel imports have decreased by 40-45% and have made the country a net exporter of steel.

Mr Singh also told about the movements in costs of iron-ore which is one of the main components of steel. He told the steel ministry was looking for a way to reduce this volatility in iron ore costs. The minister said, “We have established a processing power to come out with a review in connection with this but I have instructed them to have another exercise before they submit their report.”

The minister also told that iron ore offers in a free market but a little of a routine of 3-4 months is required. Mr Singh said the small steel manufacturers many times experience due to volatility in iron-ore costs.

Mr Singh also told that next week will be a cabinet note for creating the structure of the suggested Steel Research and Technology Mission of India (SRTMI). The steel ministry also has plans to negotiate all its research systems under the SRTMI. Initial corpus of Rs.200 crore will be offered by the govt for the set up of this institution.