India's steel exports dip by 31.9 percent in first 11 months of ongoing fiscal 2015-16 as compared to same period last year and exports in February 2016 fall by 25.6 percent as against corresponding month last year, according to a data released by steel ministry.
"Export of total finished steel was down by 31.9 percent in April-February 2015-16 compared to same period of last year. Exports in February 2016 increased by 21.5 percent compared to January 2016 and decreased by 25.6 percent compared to February 2015," said a report by a Committee.
Sushim Banerjee , director of Institute of Steel Development & Growth said that exports fell "due to a muted world market".
Prices across world have been very low and internal demand in many countries has contracted. When the exports figures were taken into account, global prices were going through a bearish trend, he added.
"Steel sector in India is competitive in terms of cost of production. But some of factors like high freight cost along with taxes are playing a critical role in terms of exports. Country's steel makers are looking at domestic market," said Banerjee.
India's total steel consumption in February (2016) grew by 4.7 percent compared to same month last year.