Steel imports rise 69%

The strong growth in the country's construction, engineering and allied industries has resulted in a surge in imports of steel products during the nine-month period ended December, 31 2007.

Total steel imports amounted to 4.96 million tonnes during the period, a rise of nearly 69 per cent year-on-year, according to data gathered from domestic brokerage houses and that of the central government.

Also, out of the total steel imports, analysts point out that a significant portion was made up by hot rolled coils (HRC), plates and cold rolled steel products.

In fact, China is understood to be the largest supplier of steel to our country, with imports from Chinese suppliers alone amounting to approximately 1.47 million tonnes the period, according to the data available. HRC is largely used in the construction industry, while plates are used in the manufacture of railway wagons and boilers.

The domestic steel industry recently hiked prices ranging from Rs 1,000-2,500 a tonne citing cost pressures. Union minister Ram Vilas Paswan has termed the hike in steel prices as " unreasonable" and said the government would review the development on February 15.