Press Information Bureau
Government of India
Ministry of Steel
06-February-2017 17:25 IST
The per Capita steel consumption of total finished steel stood at 63 kg. in the country (source: JPC) while for 2016, the world average was at 208 kg. (Source: World Steel Association, which reports data on a calendar year basis). The level of consumption of steel in a country depends on a number of factors, including stage of development, speed of economic growth etc.
The consumption of total finished steel in rural India during last three years is given below based on a Study conducted by the Joint Plant Committee (JPC). Government encourages increasing steel consumption in the country, including rural areas.
|Year||Consumption of total finished steel in rural India|
|Qty. (mt.)||% change over last year|
|Source: Joint Plant Committee JPC; mt.=million tonnes|
To lend support to the domestic steel industry and provide a level playing field, The Government has imposed Minimum Import Price. As a result:-
- Total steel import have dropped by 37% to 6.02 million tonnes during April – December 2016 as compared to the corresponding period last year.
- Exports have increased by 64% to 5.8 million tonnes during April – December 2016 as compared to the corresponding period last year.
- Post notification of MIP in February, 2016, prices increased till May, 2016 which subsequently declined again in June, 2016 before stabilizing with a modest rebound in August, 2016. Thereafter, prices maintained an increasing trend till January, 2017, with the current prices (of Hot Rolled/Cold Rolled Coils) about 40% higher than the pre-MIP prices (January, 2016).
In order to promote the country’s steel industry, Government has taken a number of steps including Notification of Mines and Minerals (Development and Regulation) Amendment Act, increasing Customs Duty, imposition of Safe-guard duty and Anti-Dumping Duty on a number of steel products.
This information was given by the Minister of State in the Ministry of Steel Sh. Vishnu Deo Sai in reply to a question in Lok Sabha today.