NOVEMBER 20248EXCESSIVE FINISHED STEEL IMPORTS DRIVE INDIA'S MARKET TO A BEARISH STANCEGLOBAL SOLAR INDUSTRY INCHING CLOSER TO 11 TW RENEWABLE ENERGY GOALThe surge in imports has impacted the domestic market, with cheap imports reportedly contributing to a bearish market sentiment in India. This has raised concerns within the Indian steel industry, with Tata Steel's CEO warning that prolonged steel imports from China could negatively affect domestic investment plans. As a result, India has launched an anti-dumping investigation into certain steel imports from Vietnam.The global solar industry has reached a major milestone, surpassing 2 terawatts (TW) of installed capacity--enough to power around 92 million U.S. households. Hot-rolled coil was the most significant steel product imported, accounting for 44 percent of the total finished steel imports. Alongside China, South Korea, Japan, and Vietnam also contributed to the rising imports. South Korea exported 1.2 million metric tons, an 11.5 percent increase, while Japan's exports to India more than doubled, reaching 1.1 million metric tons. Vietnam also increased its exports, sending 0.4 million metric tons, a more than double increase compared to the previous year.India's steel imports surged between April and September 2023, driven largely by shipments from China, which remained the largest supplier. During this period, India imported 4.7 million metric tons of finished steel, a 42.2 percent increase compared to the same period in the previous year. Of these, 1.4 million metric tons came from China, marking a 36.7 percent rise year-on-year.Domestically, India's finished steel production reached 70.6 million metric tons, a 4.7 percent increase from the previous year. However, finished steel exports declined by 35.9 percent, totaling 2.3 million metric tons, with Italy being the largest export market despite a 43.5 percent drop in shipments.India's crude steel production for the same period rose by 3.6 percent, reaching 72.8 million metric tons, and finished steel consumption increased by 13.5 percent, totaling 72.7 million metric tons. Sonia Dunlop, CEO of the Global Solar Council, emphasized the challenge of tracking these small projects, as many go unregistered in various countries. The industry is now focused on scaling up to 8 TW by 2030, a target that data suggests is achievable. Reaching this capacity would contribute more than half of the 11 TW of renewable energy capacity needed to meet a U.N. climate goal established at last year's climate conference in Dubai.This rapid growth is unprecedented, with more solar capacity added in the last two years than in the prior 68 years combined, according to exclusive data from the Global Solar Council shared with Reuters. To raise financing to help hit the goal, the council will launch an International Solar Finance group at the next round of U.N. talks beginning on Nov. 11 in Baku.The Council's figures provide the most comprehensive view to date, as they include small, often unregistered rooftop installations, which are frequently excluded from official government data. It wants to connect funds, multilateral banks, private finance and international institutions to drive down the cost of capital in emerging and developing economies to 5 percent from 15 percent.This ambitious goal underscores the need for continued innovation and policy support in the renewable energy sector, particularly in expanding accessible, small-scale solar installations. TOP STORIES
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