Growth in demand turns India into net importer of iron, steel in Apr-Sept

India, home to ample iron ore resources and the third biggest crude steel producer, has paradoxically turned into a net importer of iron & steel. During April-September, the country imported iron and steel valued at $5.33 billion, exceeding its exports worth $4.22 billion. This has reversed the trend of the country being a net exporter of iron ore and steel products for the past two consecutive years. In last fiscal, exports of iron and steel were valued at $11.24 billion, overshooting the imports of $10.43 billion. Between 2009-10 and 2017-18, the country's exports of iron and steel logged CAGR (compounded annual growth rate) of 12.07 per cent, states a report by the Indian Brand Equity Foundation (IBEF), quoting figures sourced from the Ministry of commerce.According to the report, the country has turned into a net importer of iron and steel due to robust demand in manufacturing sector and rise in infrastructure projects under implementation. The country's transition into a net .

from News https://ift.tt/2Rud288