Despite the virtual closure of the US market, steel majors managed to export around 1.3 million tonne till September, this year as against 2.5 million tonne for the whole of last year. The translated to realisations of around Rs 1,500 crore.
The performance was possible due to the emergence of new export markets, said steel ministry sources. West Asia and south-east Asian countries are the new targets. "Around 50,000 tonne was exported to China" said sources.
Out of the 1.1 million tonne, flat products accounted for 8 lakh tonne and non-flat, the balance.
Around 2.5 lakh GP/GC sheets were exported which roughly fetched $350 per tonne. The rest of the steel products realised around $210-220 per tonne on an average.
The US international trade commission (ITC), announced, yesterday that imports of steel slabs, hot rolled (HR) sheets, cold rolled (CR) sheets, HR bar and eight other related products threatened the financial health of its domestic producers. "Close to 80 per cent of the tonnage in the steel industry has been found to be injured", said a ruling that will empower President Bush to impose the broadest restrictions in a decade on steel imports. The US ITC is expected to present its 'injury decision' and remedy recommendations to President George Bush by December 19. Bush will be required to decide on the final plan within 60 days.
However sources said, this is unlikely to have a further adverse impact on India. India mainly exported hot rolled coils and plates to the US and with the anti-dumping duties on both these products, the market has become unviable for these products at least. "Banning of other steel imports by the US will not have a major impact on Indian steel producers" said sources. According to figures published by the Joint Plant Committee (JPC), flat product exports in 2000-01 was in the region of 2.2 million tonne, an increase of 1.18 per cent over the previous year. Non-flat product exports increased by 5.7 per cent to 385,000 tonne.
The imports of flat products recorded a marginal decline by 3.88 per cent and non-flats drastically by 62.38 per cent. a comparison of the 1999-2000 and 2000-01 figures reveal that the steel industry managed to maintain the net exporter status in 2000-01.
The US imports around 34 million tonne of steel from different countries including Brazil, Ukraine, China, the European Union and India. India exports around 0.9 million tonne of steel to the US.
