Meanwhile India's steel sector is suffering from tariffs imposed by the US in March and negotiations have so far failed to produce any change. Cheap imports are also increasing fears that India's brief spell as a net exporter of steel may soon be over. CGTN's Shweta Bajaj reports from New Delhi.

After Trump administration imposed 25% tariffs on imports of Indian steel, the Indian government announced retaliatory tariffs on 30 items, including steel worth 200 million US dollars. But India still hasn't implemented those tariffs, saying negotiations with the US are underway.

CHAUDHARY BIRENDER SINGH INDIAN STEEL MINISTER "You know the question is not that simple but one aspect is that the negotiations are still going on."

The US is the seventh biggest importer of Indian steel, buying 5% of its steel exports, amounting to 228 thousand metric tons. Recently concluded talks between the Foreign and Defense Ministries in New Delhi raised hopes for a breakthrough but that hasn't materialized. India's steel industry is worried.

SANDEEP JAJODIA, PRESIDENT ASSOCIATED CHAMBERS OF COMMERCE OF INDIA "The Government of India has to be very watchful if there is any unfair trade practices going on in the world, if there are tariff barriers which will attract or divert steel from elsewhere into India, then Indian steel has to be protected because large capital has been put by India in steel industry in India which is growing rapidly. We cannot depend to cater to this demand by imported steel. We must encourage our indigenous players to set up large world-class plant and take care of our indigenous requirement going forward."

Now, the Indian government is looking for alternatives in case negotiations with the US fail.

SHWETA BAJAJ NEW DELHI, INDIA "Donald Trump has claimed that India wants a trade deal with the US, but refused to mention who said that. Even as India till the last minute hoped that it would be able to overturn these tariffs, the US has a tough stance means India realign itself by doing trade with other countries in the face of rising protectionism."

The Indian government is now focusing on the domestic market.

CHAUDHARY BIRENDER SINGH INDIAN STEEL MINISTER "We are presently facing trade issues with the US and the European Union, sudden change in Rupee exchange value, dumping of steel by other countries and fluctuation in raw material prices. At home, logistics and transportation of raw material and finished products, upcoming expiry of mining licenses in 2020 and resultant auction of mines and others are few of the challenges. The Government is aware of the challenges which are dynamic and large-scale, and is working in tandem with other stakeholders to overcome the same."

India's steel exports were down by 33.4 percent in the second quarter of this year compared to the same period last year. Imports rose by 6.1 percent. People now say cheap steel is being dumped on India and after two years of being a net exporter of steel, it could soon become a net importer again. Shweta Bajaj, CGTN, New Delhi, India.