The Minister of Steel, Shri Beni Prasad Verma has said that India has been the largest producer of sponge iron during each of the last three years and the current year as shown below:-
|
Production for sale of Sponge Iron (million tonnes or mt) |
|
| 2010-11 |
25.081 |
| 2011-12 |
19.633 |
| 2012-13* |
19.768 |
| April-October 2013* |
10.607 |
Source: JPC; * provisional
In a written reply in the Lok Sabha today Shri Verma said, domestic demand is reflected in apparent consumption defined as production for sale after accounting for net exports (exports less imports) and adjusting for stock variation. Data on apparent consumption of sponge iron during April-October 2013-14 is given below:-
| Period |
Apparent Consumption of Sponge Iron (mt) |
| April-October 2013-14* |
10.570 |
Source: JPC; * provisional
The Minister said, data on foreign exchange earned from exports i.e. value of exports of sponge iron by the country during the last three years and April-October 2013-14 is given below:-
| Year |
Value of Export of Sponge Iron (Rs. crore) |
| 2010-11 |
42.0 |
| 2011-12 |
102.09 |
| 2012-13* |
140.32 |
| April-October 2013* |
106.29 |
Source: JPC; * provisional
The Minister said, as regards the foreign exchange likely to be earned during the current financial year, there is no specific forecast on the potential export of sponge iron as the same depends on the market conditions and market strategies of individual producers. It is also not possible to forecast export prices due to the highly volatile and dynamic character of the market of sponge iron and scrap. Therefore, it is not possible to forecast foreign exchange that can be earned from export of sponge iron in the future.