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PrintBusiness Standard reported that Chinese steel makers have managed to beat their Indian counterparts by procuring basic raw material at a much lower price.
EEPC India said that "The international market for steel has been witnessing a turmoil Indian steel-makers have not been able to remain competitive amidst sharp depreciation of rupee."
It said that "What is even more worrying is the fact that domestic steel production will not be able to keep pace with Chinese output. According to estimates, India's production would grow at an annual 6.3% to reach 104 million tonne by 2017 from 78.6 million tonne in 2012."
After dropping from a peak in February 2011, the prices of flat/long hot rolled coils have started shooting up again since August 2012 with a sharp price disadvantage accruing to the Indian user industries such as engineering goods manufacturers.
It said that “Almost all steel makers have raised price between INR 1,000 and INR 1,500 per tonne with effect from January 1st 2014.”
EEPC India chairman Mr Anupam Shah said underscoring the need for a national raw material policy which is amongst the top contributor to the country's overall export basket that "The cost of steel and pig iron, essential raw material for products is among the major disadvantages faced by Indian engineering user industries."
After recording smart increase upto October, India's engineering exports fell in November by over 14%. The shipments aggregated USD 4.78 billion in November compared to USD 5.6 billion in October.
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