South Korea has overtaken China as the largest exporter of steel products to India in the first quarter of 2016-17 after trailing the latter for last two fiscals, Parliament was informed today.
South Korea exported 5.11 lakh tonnes of steel to India, which is marginally higher than that exported by China at 5.10 LT, during the April-June quarter in 2016-17, showed data presented by Minister of State for Steel Vishnu Deo Sai in a written reply to Rajya Sabha.
China was followed by Japan at 3 LT and Russia at 1.70 LT, it added.
As per the data presented in the Upper House, together the four countries accounted for more than three-fourths of the steel (14.18 LT) exported to India during the quarter under review. India imported a total of 18.32 LT of the metal in the first quarter this fiscal.
In 2015-16, China exported 41.25 LT of steel followed by Korea (30.07 LT), Japan (21.60 LT) and Russia (3.64 LT).
Similarly, China again was the top exporter in 2014-15 with an out-bound shipment of 36 LT, which was followed by Korea (18.75 LT), Japan (15.83 LT) and Russia (2.26 LT).
Likewise, the People's Republic was the top exporter in 2012-14 fiscal at 10.88 LT followed by Japan at 13.56 LT, Korea (13.13 LT) and Russia (1.46 LT), the data showed.
In a separate query on government's plans to set up steel plants, the Minister said government is not considering to set up steel plants.
Steel being a deregulated sector, the role of government is limited to that of a facilitator only for growth of steel industry in the country, Sai added.
"Decision relating to setting up of steel plants etc are, therefore, the sole decision of individual steel manufacturer based on various factors including commercial considerations and market dynamics," the Minister said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
