CURRENT AFFAIRS

Detailed explanation-1: -NEW DELHI: India, the world’s third largest steel producer, was among the top 10 importers of the alloy last year, according to the latest data by the global industry body World Steel Association (WSA).

Detailed explanation-2: -In 2021, the United States, the leading steel importer, imported 29.7 million metric tons. In the same year, the previous year’s leader China ranked second with 27.8 million metric tons, and the European Union leader, Germany, ended up in the third place with 23.3 million metric tons of steel imports.

Detailed explanation-3: -Data show that between April and October, imports served 10% of India’s total steel demand.

Detailed explanation-4: -Imports exceeded export of finished steel by 262, 000 tonnes and rose 92 per cent on y-o-y basis.

Detailed explanation-5: -In April-July 2022, the largest share in the total import of steel products was hot-rolled non-alloyed steel – 35%, or 0.307 million tons.