SME Times is powered by   
Search News
Just in:   • South Korea's largest AI data centre on the anvil  • Indian stock market opens in green, defies geopolitical tensions  • India’s infrastructure sees rapid progress in last decade as capex surges: FM Sitharaman  • India embraces cashless revolution in last 11 years: Nirmala Sitharaman  • Indian stock market opens in green, IT and PSU banks lead 
Last updated: 25 Sep, 2015  

Steel.9.Thmb.jpg Steel industry crisis to loom for another 18-24 months: Official

Steel.9.2.jpg
   Top Stories
» Indian stock market opens in green, defies geopolitical tensions
» India’s infrastructure sees rapid progress in last decade as capex surges: FM Sitharaman
» India embraces cashless revolution in last 11 years: Nirmala Sitharaman
» Indian stock market opens in green, IT and PSU banks lead
» RBI booster: EMIs, tenure set to come down for home loan borrowers
SME Times News Bureau | 25 Sep, 2015
With imported Chinese steel flooding the Indian market and a global surplus generated in the sector, the steel ministry has assessed the crisis to loom for another 18-24 months, an official said.

"We have assessed the steel situation and according to it the (steel) industry is expected to remain under stress for the next 18-24 months," joint secretary in the ministry, Syedain Abbasi said here during an event organised by BCCI.

He said the central government has taken measures to curb steel imports to help the domestic steel manufacturers during the ongoing stressed period.

As per the official, demand for steel in India is likely to remain strong in the ongoing fiscal.

"I can understand the industry is facing unfair competition from the Chinese producers. But 5-7 percent steel import is healthy for domestic industry. Import is necessary for fair pricing of steel in the country," he said.

However, Abbasi said despite the ongoing stress on the industry, steel production in India will rise to touch 300 million tonnes by 2025.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter