Steel imports dip 36% during Apr-Sep

India's imports of finished steel dipped by over 35% to 2.88 million tonne in the April-September period of the current fiscal, Parliament was informed today.

"The quantity of import has significantly reduced by 35.8% during April-September, 2011, in comparison to the corresponding period of the previous year," Steel Minister Beni Prasad Verma said in a written reply to a question in the Lok Sabha.

During the April-September period of the current fiscal, India produced 34.86 million tonne of finished steel and consumption stood at 34.03 million tonne. Exports stood at 2.26 million tonne, Verma said.

The minister said production of steel grew by 9.5% in the first six months of the current fiscal vis-a-vis the corresponding period last fiscal. Steel consumption, however, grew by only 2.8%.

During the 2010-11 fiscal, India imported 6.8 million tonne of finished steel, even though domestic production amounted to 66.01 million tonne and real consumption was 65.61 million tonne. However, India also exported 3.46 million tonne of finished steel during the financial year.

"A small quantity of import as well as export of various products of steel takes place, depending upon the specific requirements of individual companies," he said to outline the trend in the domestic steel industry.

Replying to a separate question, the minister said 41 MoUs have been signed between various state governments and private companies for investment in the steel sector during the last three-and-a-half years.