A special correspondent reperts: The growing imports of steel into Britain are worrying some menbers of the National Sconomic Development Council. Figures issued by The Iron and Steel Beard put the average weekly intake of steel last August at 24,400 tons. The figure had more than doubled by February of this year when it reached 55,4800. It is feared that if the present trend continues, Britein's balance of payments will be effected. Neddy's jast repert drew attention te the study being made of this problem by the Stell industry. Some of the reasons given are: 1. With surplus steelmaking capacity on «
world scale, some foreign producers and
merchants have been offering supplies at
very low prices; 2. U.K. steel imports have for some time been
complicated by shipmenta of material sent
here for re-relling. The finished products
ere cent vack to the country of origin, 3. The February figures were also inflated
by the deliveries of steel because of the
Fort Talbot strike, Despite these factors ther have been sharp rises in importa of certain sectors. Blooms, billets, slabs and simtler products, for instance, tetelled £1.9 million in February this year as against £493,000 a year earlier, while shipmente of wire reds almost doubled frem £235,000 to £456,000. In these spheres both price and delivery dates have operated to increase imperts. uch of last year’s imports of wire rods came from Sweden and were epid to heve been bought on the grounds ef superior quality rather than for price reasons. Keddy has calculated that if wire relling is excluded from the figures, net steel importe have actually fallen since 1961 - mainly because importa have expanded while exports have remained roughly the same, It hae aleo atated that the situation is especially significant for the balance of payments. It is estimated that the additional importing of $m. ingot tons would cause a deterioration in the balance of payments pemition of £15m.-£20m. per annus.