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Indian steel industry set to recover, after strong headwinds
time2017/03/10
Indian steel industry looks to improve after facing strong headwinds from global factors.
Total exports by India recorded 150 percent Y-O-Y jump in February 2017 at 0.75 million tonnes marking high demand in the industry.
However, total imports for the month declined significantly by 46 percent Y-O-Y at 0.49 million tonnes.
Declining import is a significant development for the sector representing an opportunity for domestic players to regain their market share.
Domestic steel demand is also rising as steel consumption for February rose 3 percent over Feb 2016.
As government focuses on more steel intensive infra projects such as railways, ports, steel consumption demand would see a bullish trend.
The jump in production comes in line with government’s objective of reducing dependency on imports guided by protective policies including anti-dumping and minimum support price for domestic producers.
Domestic steel players are also ramping up production coupled with efficient capacity utilisation paves tough path ahead for the steel industry.
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