Featured

Amid Border Tension, China Emerges As Top Foreign Buyer Of Indian Steel

By
OB Bureau

New Delhi: At a time when relations with China are at a low ebb because of the simmering border tension at the LAC, it has come as a pleasant surprise that China was the top buyer of Indian steel between April and September this year.

As per government data, China bought 1.9 million tonnes during the post-lockdown period of six months, which amounts to 29% of India’s finished steel exports, Reuters reports. Provisional analysis shows the 6.5 million tonnes of finished steel that India exported is their highest in at least six years.

Domestic demand for steel has been low, due to the contraction in Indian economy caused by the COVID-19 pandemic. So steel companies have been offloading surpluses to Chinese buyers.

China is the world’s top steel consumer.

With the two countries being locked in a serious military stand-off following the death of 20 Indian soldiers in the Galwan Valley near Ladakh in June, the Narendra Modi-headed government has introduced measures aimed to curb Chinese investments. But those measures don’t affect Indian exports.

OB Bureau

Recent Posts

Low Pressure Over Bay Likely Tomorrow; Rain Forecast For Odisha, Night Temp To Rise Further

Bhubaneswar: Dense fog occurred at one or two places in Sundargarh and shallow to moderate…

November 22, 2024

Baba Siddique Murder Accused Used Mobile Hotspot To Evade Arrest, Here’s How

Mumbai: The Mumbai Police crime branch revealed that an accused in the Baba Siddiqui murder…

November 22, 2024

Kashika Misra Wins Golf Championship; Know About Her Odisha Roots

Bhubaneswar: Kashika Misra has created history by becoming the first Odia girl to win any…

November 22, 2024

Moscow Entitled To Strike Military Targets Of Countries That Allow Ukraine To Use Weapons…: Putin’s Warning To ‘West’

Moscow: President Vladimir Putin has warned the countries that allow Ukraine to use their weapons…

November 22, 2024

4 Held From Gujarat 5 Months After Duping Elderly Odisha Couple Of Rs 34L In ‘Digital Arrest’

Bhubaneswar: After a five-month-long investigation, Jharsuguda police in Odisha busted an inter-state cybercrime racket and…

November 22, 2024

Vedanta Expands Its ‘Swarna Prashan’ Drive In Odisha’s Rayagada & Kalahandi

Bhubaneswar: Vedanta Aluminium has expanded its ‘Swarna Prashan’ initiative, an Ayurveda-based immunisation drive, to over…

November 22, 2024

Justin Trudeau Govt Denies Linking PM Modi, Jaishankar & Ajit Doval To Criminal Activities In Canada

Ottawa: The government in Canada, led by Justin Trudeau, on Friday denied linking Prime Minister…

November 22, 2024

Two Sisters Consume Poison In Odisha’s Boudh, One Dead

Bhubaneswar: A woman died while her younger sister is battling for life after an alleged…

November 22, 2024