However, the new technological advance and new ways of manufacturing has tremendously encouraged the use of steel castings in many industries. Thus, Indian ferrous castings exporters are now facing a serious threat of losing their business to steel casting exporters due to many reasons. However, before going to understand the reason, it is vital to know about ferrous castings.
Ferrous in layman term means iron and iron castings are an important ingredient of many finished products. The strength of iron is something that is admired all over the world. India is in fact a leading exporter of ferrous castings. These castings find their application in a variety of industries like automobile, manufacturing sector, etc, just a few years ago before the popularization of steel castings. Some of the foundries of India are in fact famous for the production of sanitary and pump-set ferrous castings.
Statistics reveal that demand for steel castings is increasing tremendously since 2003. Consumption of the same for the manufacturing of certain equipments like graders, bull dozers, hydraulic excavators and rope shovel has reached its peak. Automobile sector is keen to use steel castings over iron for its light weight and other useful properties. Naturally, steel casting exporters are enjoying an edge over ferrous castings exporters who have long played an important role in strengthening of Indian economy.
Steel export is now giving a tough competition to iron and thus posing a direct threat to the sustainability of ferrous castings exporters. There are many advantages of steel castings. Some of which are listed below.
Due to the aforesaid advantages, ferrous castings exporters are experiencing a shortage of demand for ferrous castings in the last few years. It is high time that government should intervene and take necessary action to revive the declining export of ferrous castings. Unfavorable economic scenario in some key nations as well as heavy import duty on iron scrap is also contributing a lot to the sufferings of ferrous castings exporters.