India shifts to net steel importer in 2018-19 fiscal

  1. India has emerged as a net importer of steel for the first time in three years during fiscal year 2019.It became a net importer despite being the second largest steel producer.
  2. India’s imports has increased due to (a)demand for better quality of steel in the domestic market and (b)reduced exports due to imposition of tariffs and other protectionist measures by the two biggest buyers of steel,the United States of America and Europe.
  3. According to a report,exports have also fallen because of the loss of middle-east and African market to other competitors such as China, Japan,South Korea and Indonesia.Similarly,imports from these nations has also increased in the Indian domestic market.
  4. On the other hand,Indian steel producing companies have also demanded for an imposition of higher duties on imports.