India, the world's third largest steel producer, was also among the top 10 steel importers in 2015, according to the latest data provided by World Steel Association (WSA). India imported 13.3 million tonnes (MT) steel in 2015 followed by China, which imported 13.2 MT of steel during the same period.
According to the WSA data, European Union as a bloc imported 37.7 MT of steel last year, which was followed by the US (36.5 MT), Germany (24.8 MT), South Korea (21.7 MT), Italy (19.9 MT), Turkey (18.6 MT), Vietnam (16.3 MT), Thailand (14.6 MT), France (13.7 MT) and India (13.3 MT).
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While steel demand in ASEAN countries like Thailand, Malaysia, Indonesia, the Philippines and Viet Nam are expected to maintain a growth rate of 6 per cent next year WSA had forecasted early in this year that India's steel demand will increase by 5.4 per cent in both 2016 and 2017 reaching 88.3 MT in 2017. Steel imports in India rose by 25.6 per cent to 11.71 MT during the 2015-16 as against 9.32 MT in the year-ago period. India has been a net importer of steel in 2015 as according to the WSA data, it exported 7.6 MT of steel during this period.
To safeguard the domestic steel industry, the Indian Government has taken several steps like imposing anti-dumping duty; safeguard duty on imported steel products along with some policy announcement on minimum import price (MIP).
According to Indian Steel Association, capacity utilization of domestic steel industry is expected to pick up by about 5 per cent in the current financial year on the back of protective measures laid down for producers to shield them from cheap imports and also because of a likely rise in demand for the commodity October onwards.
(Source: World Steel Association)