India has imposed definitive anti-dumping duty on certain steel products imported from China, South Korea and Vietnam after an investigation established these items caused injury to domestic producers.
India’s onward march to boost its renewable energy capacity and build domestic capacity for making solar equipment got fresh impetus when Adani Green Energy Ltd won a bid to make 8 GW of photovoltaic solar power projects over the next five years.
India imports about 90% of its solar equipment today, so this development could serve to lessen that import dependence.
Various agencies have pegged the contraction of Indian steel demand to come in anywhere between 14-18%.
A new report by the World Steel Association has said India’s steel demand would fall by 18% in 2020, even as global steel demand was expected to drop to 6.4% because of the COVID-19 pandemic, the Financial Express reported.
The COVID-19 pandemic has taken its toll on India’s solar power program.
Sector experts in India are hailing the new coal mining and mineral sector reforms announced a few days ago by the country’s finance minister, believing the reform will open up commercial coal mining, attract investments and save on India’s import bills, thus pushing self-reliance in coal production.
Once, it used to be a major supplier of steel for most of India’s domestic consumers.
But with COVID-19 and its subsequent lockdowns and the almost overnight disappearance of the steel market, the public company Steel Authority of India Ltd (SAIL) finds itself painted into a corner.
The rising exports of iron ore, especially pellets, from India has put steel manufacturers and exporters at loggerheads.
According to official figures, India’s ore exports between January and March 2020 were 8.9 million tons against 2.0 million tons during the same period last year. In fiscal year 2020, exports were at 25.14 million tons, up from 16.2 million tons the previous year.
The COVID-19 pandemic — and even conditions prior to that — has turned India into a net importer of copper, with at 132,445 tons imported between April 2019 and January 2020.
Provisional data for fiscal year 2020 from the Government of India show India became a net exporter of steel with an increase of 31.4% in March 2020.
A CNBC report claimed India’s steel consumption had touched the psychological barrier of 100 million tons (MT) this fiscal year.