Steel imports on the rise since 2002-03

New Delhi, Apr 9 (UNI) The sharp rise of steel prices in the domestic market has failed to deter its users as the production as well as imports have witnessed a continuous rise for the past several years in the wake of spurt in industrial activities and rise in domestic demand.

According to official sources, the Government's National Steel Policy (NSP) has assessed the domestic demand of iron ore at 190 Million Tonnes (MT) by 2019-2020, with a project steel production of 110 MT in the same year.

The import of steel during 2002-03 was to the tune of 1606.2 thousand tonnes valued at Rs 2605.41 crores. This went up to 1609.82 thousand tonnes, valued at Rs 3130.04 crores in 2003-04 and up to 2408.379 thousand tonnes valued at Rs 5604.70 crores during 2004-05, further shooting up to 3509.9 thousand tonnes valued at Rs 7730.10 crores by 2005-06.

However, the one time booming shipbreaking industry is succeessively importing less number of ships from the foreign shores for the purpose of recycling of the steel to be used by the domestic industry and consumers.

The number of ships imported during 2002-03 was placed at 390 valued at Rs 2025 crores , 375 in 2003-04 valued at Rs 2193 crores, 256 in 2004-05 valued at Rs 1560 crores and till end of February 2006, imported 111 ships valued at Rs 737 crores, the sources said.

UNI/BKS KD HT1030