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PrintChinese steel-makers have managed to beat their Indian counterparts by procuring basic raw material at a much lower price, according to a study by engineering exporters' body EEPC India.
"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," EEPC India said.
"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 per cent to reach 104 million tonnes by 2017 from 78.6 million tonnes in 2012," it added.
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.
Almost all steel makers have raised price between Rs 1,000 and Rs 1,500 per tonne with effect from January 1, 2014, it said.
"The cost of steel and pig iron, which are essential raw material for products is among the major disadvantages faced by the Indian engineering user industries," EEPC India Chairman Anupam Shah said, underscoring the need for a national raw material policy for the sector, which is amongst the top contributor to the country's overall export basket.
After recording smart increase upto October, India's engineering exports fell in November by over 14 per cent. The shipments aggregated $4.78 billion in November as compared to $5.6 billion in October.
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