The minister of state for steel is Vishnu Deo Desai, revealed in the Rajya Sabha that South Korea is dominating in Steel Exporter To India in the first quarter of 2016-2017. In the last two financial years, South Korea was just behind China.
According to a report said by the minister , in the first quarter of 2016-2017, Korea exported 5.11 lakh tonnes (LT) of steel to India which is very large export and followed by China at 5.10 LT, then by Japan (3 LT) and Russia (1.70 LT).
In the quarter, the steel export to India (a total of 14.18 LT)The four countries add up to more than seventy-five percent revealed by a report. In the first quarter this fiscal year, India has imported 18.32 LT of steel.
China exported 41.25 LT of steel while Korea (30.07 LT), Japan (21.60 LT) and Russia (3.64 LT) were lagging behind in 2015-16.
The Minister, on being requested, about governments intends to put more steel manufacturing units, replied it was not in concern as steel is a deregulated industry.
“Decision with regards to establishing of steel plants etc are, therefore, the only decision of individual steel manufacturer based on various factors such as commercial concerns and market dynamics,” said by the Minister.