8DECEMBER, 2024India's imports of finished steel hit a peak of 5.7 million metric tons in April-October, the highest in seven years. India, the second largest producer of crude steel worldwide, transitioned into a net importer of the metal in the fiscal year ending on March 31, 2024, and this pattern has been ongoing, with imports increasing steadily."(The) steel industry in 2024/25 by now has lost margins by 68 percent to 91 percent and are under severe stress, leading to uncertainty of funding from investors impacting the capacity expansion," the Indian Steel Association said.India's JSW Steel Ltd, the country's biggest steelmaker by capacity, last reported a third straight quarterly drop in profits, as rising imports dragged down domestic prices. After going through the presentation, the DGTR asked the Indian Steel Association to submit a formal petition to help initiate an investigation to determine whether cheap steel imports have hurt Indian steelmakers.The imposition of a safeguard duty will depend on the outcome of the DGTR investigation. Cheap imports are eating into the market share of domestic steelmakers, the Indian Steel Association said in its presentation. It said 17 percent of the hot-rolled segment, 20 percent of coated steel, and 19 percent of the plates segment have been displaced by cheap Chinese, Japanese and South Korean steel.China, Japan, South Korea and Vietnam are selling their surplus stocks to India to cash in on strong demand for steel in the south Asian country. As the sixteenth-largest maritime nation in the world, India occupies a key position on global shipping lanes. Most cargo ships travelling between East Asia and destinations like America, Europe, and Africa traverse Indian waters, highlighting the nation's strategic importance. The sector's contributions extend beyond trade.India will be among the top 10 global manufacturers of ships by 2030, Union Ports, Shipping and Waterways Minister Sarbananda Sonowal said on Tuesday. Addressing 'Sagarmanthan - The Great Oceans Dialogue', Sonowal further said the global South will determine the shape of ocean trade in the 21st Century."Given that India has the rich talent pool as well as resources to become a major shipbuilding nation, we are aiming to enter the top 10 of shipbuilding countries by 2030 while working our way to become the world's top 5 by 2047", he said.The minister also interacted with technical experts on creating a circular blue economy. According to an official statement, while the session focused on sustainability at sea as a priority, the discussion attempted to hedge solutions around its many challenges.India's maritime sector serves as the backbone of its trade and commerce, handling around 95 per cent of the country's trade by volume and 70 per cent by value. With 12 major ports and over 200 notified minor and intermediate ports, the country's port infrastructure underpins its growing economy.India boasts a fleet of 1,530 ships sailing under its flag as of 2023. Additionally, the country is the third-largest in the world in terms of ship recycling by tonnage. In the financial year 2024 alone, Indian ports managed 819.22 million tonnes of cargo, a 4.45 per cent rise year-on-year. TOP STORIESINDIA'S FINISHED STEEL IMPORTS HIT 7-YEAR HIGH OF 5.7 MILLION METRIC TONSINDIA'S MARITIME PROGRESS ON TRACK TO BECOMING A TOP 10 SHIPBUILDING NATION
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