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Dec 30(LTIT) –It was reported that the Indian steel industry required the government to immediately ban the export of steel and iron ore. Association of Indian Forging Industry stated yesterday that the Association called on the government to immediately ban the export of finished steel and iron ore, as high domestic prices have affected the development of Indian forging companies.

It also stated that since the beginning of this year, India’s domestic steel prices have risen sharply by 55%. In the past three months, prices have risen sharply by 30%. This has caused the Indian forging industry to face a serious crisis. The industry is facing a deep cash flow crisis caused by the pandemic and a sharp drop in cash reserves. The association has asked the government to consider banning the export of steel and iron ore. These supplies should be used first to meet domestic demand.

According to the association, prices of forged products in India have risen by 10% in the past six months, and plans to raise the prices by 15% again to accommodate the increase in costs brought about by the rise in domestic steel prices, but such a substantial increase in sales will be unsustainable.

From a data point of view, China’s iron ore imports from India totalled 41 million mt as of November this year, accounting for about 3.8% of total imports. If India's iron ore exports are all banned, prices of iron ore are more likely to rise. In addition, according to feedback from some steel enterprises, some downstream industries and steel trade have demand for finished products. Steel mills are less willing to reduce or stop production, and the demand for iron ore and other raw materials remained. Combined with some steel enterprises still having restocking demand, the adjustment space of iron ore prices is relatively limited.