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Union steel minister Chaudhary Birender Singh told that India should prepare to export 6 to 7% of the total steel produced in 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 production.”
The finished steel export of India saw a growth of 57.7% in April-October 2017 reaching 5.626 million when compared with the same period of last year.
Singh talked about the safeguard measures like the minimum import price and anti-dumping duty that the government has taken have benefited the domestic steelmakers. Indian steel imports have reduced by 40-45% and have made the country a net exporter of steel.
Mr. Singh also told about the volatility in prices of iron-ore which is one of the main ingredients of steel. He told the steel ministry was looking for a way to reduce this volatility in iron ore prices. The minister said, “We have formed a task force to come out with a report in this regard but I have directed them to have another exercise before they submit their report.”
The minister also told that iron ore sells in a free market but a little predictability of 3-4 months is required. Mr. Singh said the small steel manufacturers many times suffer due to volatility in iron-ore prices.
Mr. Singh also informed that next week will be a cabinet note for creating the framework of the proposed Steel Research and Technology Mission of India (SRTMI). The steel ministry also has plans to consolidate all its research bodies under the SRTMI. Initial corpus of Rs.200 crore will be provided by the government for the set up of this institute.