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Reuters reported that India has called on Japanese and South Korean steelmakers to increase investment by building new factories in India to produce high-grade automotive steel
.
India has called on Japanese and South Korean companies to build automotive-grade steel mills in India
India mainly imports high-quality steel
from Japan and South Korea.
However, the demand for automotive-grade metals is rising
in India as companies such as Hyundai Motor Company ramp up production, making India a manufacturing and export hub for small cars.
Speaking to Reuters, Indian Steel Minister Aruna Sharma said the central government would encourage Japanese and South Korean companies to carry out greenfield projects in India, but did not give specifics
.
Sharma added: "Japanese companies can operate
through joint ventures or independently.
As India is becoming an automotive manufacturing hub, the demand for automotive grade steel will increase
.
”
Consultancy IHS Markit predicts that India will become the world's third-largest car manufacturer by 2020 and currently ranks fifth
.
Sharma said India's state-owned steel authority and ArcelorMittal, the world's largest steelmaker, were adjusting the terms
of its agreement at its $1 billion steel mill in India.
In addition, India's Ministry of Steel is in favour of eliminating the 2.
5% import duty on coking coal and ferronickel, the main steelmaking raw material, to control input costs
.
Indian steelmakers are importing more coking coal from Canada and Poland to diversify
their suppliers.
，
Reuters reported that India has called on Japanese and South Korean steelmakers to increase investment by building new factories in India to produce high-grade automotive steel
.
India has called on Japanese and South Korean companies to build automotive-grade steel mills in India
India has called on Japanese and South Korean companies to build automotive-grade steel mills in IndiaIndia mainly imports high-quality steel
from Japan and South Korea.
However, the demand for automotive-grade metals is rising
in India as companies such as Hyundai Motor Company ramp up production, making India a manufacturing and export hub for small cars.
Speaking to Reuters, Indian Steel Minister Aruna Sharma said the central government would encourage Japanese and South Korean companies to carry out greenfield projects in India, but did not give specifics
.
Sharma added: "Japanese companies can operate
through joint ventures or independently.
As India is becoming an automotive manufacturing hub, the demand for automotive grade steel will increase
.
”
Consultancy IHS Markit predicts that India will become the world's third-largest car manufacturer by 2020 and currently ranks fifth
.
Sharma said India's state-owned steel authority and ArcelorMittal, the world's largest steelmaker, were adjusting the terms
of its agreement at its $1 billion steel mill in India.
In addition, India's Ministry of Steel is in favour of eliminating the 2.
5% import duty on coking coal and ferronickel, the main steelmaking raw material, to control input costs
.
Indian steelmakers are importing more coking coal from Canada and Poland to diversify
their suppliers.
，
