Addressing the ‘Minerals Mining & Metals Conclave’, he said India’s domestic market itself is so strong with growing consumption that the steel industry will find it difficult to cater to that in the coming years.However, in 2018, when the US imposed taxes on steel and aluminium, India retaliated by raising tariffs on 29 US products, recovering equivalent revenue.Further, on exports, Poundrik said it will become a problem as more countries put safeguards and restrictions.As per official data, India’s exports have shrunk 28.9 per cent to 3.99 million tonnes during the April-January period of FY25, compared to 5.61 million tonnes in the corresponding period of the preceding fiscal.The country remained a net importer of steel with the inbound shipments rising over 20 per cent to 8.29 million tonnes during the April-January period of the current fiscal.
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