The Ever Rising Steel Export Market of India

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The Ever Rising Steel Export Market of India
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The booming steel export market of India is no
secret anymore. It has only grown in the last few
years. In the year 2016-2017, steel exports grew
by over 100 percent! That is the largest this
sector has seen in recent times. However, imports
fell by around 30. In January 2017, steel
casting exporters saw a massive growth which was
estimated to be a threefold increase in exports.
This article aims at looking closely into the
factors related to such a huge growth and also
aims at doing the analysis of the same.
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Government support The growth of exports in
January can be heavily attributed to the
government's support to this sector. Around 0.889
million tons of steel was exported in January.
The government has been providing a lot of
support for the Duplex Steel casting at present.
Measures which are aimed at trade remedy are at
the core of this. The anti-dumping measure is a
big part of this.
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Steel cast bars
Steel ingots
Steel slabs
Steel tubes
Steel sheets
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Latest reports As per a report in April 2017,
exports have risen by around 57. In the previous
six months, steel output has gone up by 15 lakh
tons and exports have shot up by 57 percent while
imports have down by 34 percent said steel
minister Birender Singh. (Source Economic Times,
April 5th)
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Increased Durability at Face of Work
Trends and future plans The present trends in
exports are based on the fact that domestically,
steel is not doing too well. Hence producers are
exporting in high quantities. This is expected to
remain the same in the coming year as the
Brownfield is expected to expand in India. The
government in a recent statement has said that
the current exports of steel are around 120
million tons, but they have huge plans for the
future. They plan to increase this to 300 million
tons by the year 2030.
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Non-Ferrous Castings
Modernization and the path forward There are
also massive plans for the modernization and of
steel PSUs like SAIL. These are expected to take
shape by the end of this year. The newly
renovated steel plants will now aim for around 70
percent utilization of its inherent capacity.
Over INR 61,000 crores has reportedly been
invested in these steel plants to make them
better and fully functional. The renovation of
steel plants usually takes a lot of time and
hence the growth in this arena is comparatively
slower. Casting Exporters plant efficiency in
India is a huge factor as it lags behind the
accepted global standards that prevail. However,
the country does not lag behind in some sectors
like the steel used in the defense sector.
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Freedom to Design Alloy steels are malleable
materials, like plain steel, because of the
presence of iron and other ferrous elements.
These characteristics, in turn, allows engineers
to design a wide variety of parts in different
shapes and sizes for industrial consumption.
Depending upon the industry, manufacturers can
ask carbon steel casting manufacturers to use a
specific combination of elements that can be
molded to form machines of particular qualities.
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Mining Equipment
Railroad
Construction Equipment
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The steel industry and steel castings exporters
are currently seeing a huge change from what was
there before. To sustain this, steady measures
and long-term planning are necessary. The
utilization of the big plants after the
renovation is crucial. India is one of the big
steel exporters in the world and it goes on to
grow further with systematic planning. Using the
proper kind of government support and new age
technology can help boost and maintain this level
of growth in exports.
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