In spite of the stringent import curbs imposed by the United States, India's exports to the country have seen a huge jump during the first nine months of the current financial year, as compared to the same period in the previous year.
According to statistics available with the government, while India exported 70,000 tonnes of steel to the US during April-December 2001, it exported close to a million tonnes during April-December 2002 -- a thirteen-fold jump.
"There has been an increase in the exports to the US primarily because of an increase in exports of galvanised products in this period. India did not export galvanised items prior to 2002. We have restricted ourselves to the export limits set by the US government, but the number is larger due to the export of galvanised products, which are not produced locally," an industry expert said.
India had not exported many hot-rolled products to the US, he added. "We have adhered to the rules and we have also conveyed the same to the US government," he said.
In fact, overall steel imports to the US showed a marginal increase during the period despite various anti-dumping and safeguard duties imposed by it.
The imports stood at 27 million tonnes in 2002, as against 26 million tonnes in 2001.
Analysts tracking the sector said the reason for the marginal surge was due to various exemptions that the government announced for the developing countries.
India exported 2.5 million tonnes of finished steel and about 250,000 tonnes of semis during April-December 2002, as against about 2.05 million tonnes of finished steel and about 205,000 tonnes of semis during the same period in 2001.
India has also exported sizeable quantities to China during the current financial year. It is estimated that China is importing close to 30 million tonnes of steel every year.
Its growing demand has an impact on the global steel market significantly.
Analysts tracking the sector said the steel prices would continue to remain firm once the decision of the Organisation for Economic Cooperation and Development to cut subsidies was implemented.
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