Essar Steel plans to reduce exports to China
According to latest news in the market, Indian steel mill Essar Steel plans to reduce its exports of steel products into
China, especially flat products. This decision is also taken upon the directive of Indian government towards steel producers to reduce exports to
China as the exports have already trancended the permissible 3%.
According to company sources, Essar Steel exports around 10-15% of its products into
China and restriction of exports imposed by government will enable the company to benefit its sales in the local market.
Recent statistics show that Indian steel manufacturers have started to reduce their exports to
China, since exports were closer to 6%. In line with surging Indian exports,
China government has not initiated any action against the imports from the country yet, however
India plans to visit
China in order to persuade
China government, that the exports of
India are not affecting Chinese steel industry negatively.
For April 2002-March 2003, total exports of Essar Steel into
China were 81'000 tons, of which 52'000 tons (65%) were value added grade steel products.