India’s steel exports drop 34% YoY in 2018-19

India’s steel exports during financial year 2018-19 touched 6.36 million tonnes (MT), recording a 34% year-on-year drop. In order to check the situation, the”government has also notified 53 Steel and Steel Product (Quality Control) Orders which is applicable for both domestic production as well as imports,” said Shri Dharmendra Pradhan, Union Minister for Steel. He further stated that in addition to keeping a tab on unfair trade practices, quality controls are required for the protection of humans, animals and plants, safety of environment and in the interest of national security. Other measures taken by the government to safeguard the domestic steel industry from unfair external competition include anti-dumping and countervailing duties. The Minister further added that trade-related issues are part of ongoing discussions between India and US.

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