The Indian Steel Alliance (ISA), an organization of primary steel producers in India, has decided to voluntarily stop steel exports with immediate effect. The aim of the ISA decision is to ensure sufficient domestic steel supplies and also to bring rising domestic prices under control.
Commenting on the measure, ISA president Mr. Moosa Raza declared that steel producers shared the same concerns as the government over the rising prices and that for this reason they had decided to show self-restraint as regards steel exports. ISA members include Steel Authority of India, Essar Steel, JSW Steel, Ispat Industries, and Jindal Steel & Power.
However, many in the market believe that such a voluntary measure as regards steel exports will have a minimal effect on the domestic market.
On an annual basis India exports approximately five million metric tons of steel. Major steel products exported from India include coated products, for which demand is consistently on the increase.