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modi\'s \'make in india\' push to depend on chinese steel

by:SNK     2019-10-07
NEW DELHI (Reuters)-
India\'s steel consumption is expected to grow at its fastest pace in five years as Prime Minister Modi drives infrastructure, but the shortage of raw materials means it will sacrifice another key goal --
Import restrictions.
During the campaign, Modi criticized the previous government for exporting iron ore but imported steel.
But his first five months as prime minister, along with a surge in imports, made him high.
To make India a powerful exporter.
India\'s steel imports from China, the world\'s largest steel producer, doubled in April
Although the country has sufficient capacity to meet its needs, it began in September, a year ago.
While consumption in India is expected to rise, consumption in China will continue to decline. Just as Modi pushed ahead with the \"Made in India\" program to boost industrial development, it could lead to a flood of cheap steel from China.
Accused of his strongest election mandate in 30 years, Modi has put his reputation on making India an export hub and launched his pet with a lion logo in September
However, the surge in steel imports highlights the challenges Modi faces in realizing his dreams.
Steel makers such as JSW are calling for higher import tariffs.
\"The slogan \'Made in India\' must also apply to steel,\" said Ravinder Bhan, deputy general manager of national marketing.
It owns the Indian steel authority.
\"Get iron ore and other raw materials to steel companies.
But this did not happen.
India, Asia\'s third largest economy
The largest economy, despite its large domestic reserves of iron ore and coal, has become a major importer of iron ore and coal.
India, once the largest exporter of iron ore, is now introducing a large amount of iron ore due to court lawsuits against illegal mining, which has suppressed supply while the coal giant Indian coal company is working to increase production.
The shortage means that India\'s steel industry accounts for 80% of its capacity.
But the World Steel Association expects Modi\'s proBusiness plan-
100 new \"smart\" cities, new logistics hubs and residential towns
To stimulate steel demand that has been weak in recent years.
World steel expects demand to increase in India. 4% to 76.
In 2014, it increased by 2 million tons, an increase of 1.
8% per cent in 2013.
Structural reforms and increased confidence will support a further 6% growth in 2015, the report said.
However, Indian steel makers such as JSW, Tata Steel, Jindal Steel and Electric Power Co. , Ltd. are at risk of being priced by Chinese competitors.
\"The global market is like this. The only thing you can do is take some protective measures to save (Indian)
Industry, \"said. S.
Firoz, chief economist in the steel sector.
\"Otherwise, you can\'t decide the global price or price of China\'s steel exports.
A government official, who declined to be named, said he did not immediately comment on whether the authorities would consider raising tariffs.
China, the world\'s largest steel producer, produced more steel in a month than India, the fourth largest producer, produced in nine months.
But China\'s economic slowdown means it will end with a surplus of about 100 million tons a year.
The cost of one ton of steel bars produced in India for construction is as high as Rs 15,000 ($244)
According to Firoz, this is more than it is from China.
India\'s exports rose 33% to 4.
19 million tons in April
In September a year ago, imports from China jumped 108% to 1.
34 million tons.
JSW predicts that total steel imports could nearly double to 9 million tons in the fiscal year ending next March.
\"Through \'Made in India\', India should be the center of the rest of the world, and of course we should meet all of our needs,\" Modi said . \"C.
Mathur, president of stainless steel Development Association of India.
\"Instead, something outside of India is entering the country.
This is a big threat.
This is a question of survival one week after another, one month after another.
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