IamSMEofIndia Update On Steel Trade!

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IamSMEofIndia Update on Steel Trade

India Turns Net Importer of Steel

India's steel trade deficit has witnessed a remarkable 272% sequential surge, reaching Rs 8,888 crore.

This increase, among the highest recorded in recent times, solidifies the country's status as a net importer during the initial nine months of the fiscal year. The deficit has grown by Rs 6,495 crore.

Import of finished steel from April to December reached 5.6 million tonnes (Mt), reflecting a 26.4% year-on-year increase.

In contrast, exports were at 4.7 Mt, down by 1.4% YoY, creating a deficit of 0.9 Mt.

In terms of value, imports totalled Rs 48,027 crore, while exports stood at Rs 39,139 crore. The trade deficit for April to November was Rs 2,393 crore.

From April to December 2023, domestic finished steel production increased by 14.1%, reaching 102.196 Mt, while domestic consumption rose by 14.8% to 99.991 Mt.

Volume-wise, hot-rolled coils and strips (2.272 Mt) dominated the imports, holding a 41% share in total finished steel.

Notably, hot-rolled coils and strips, cold-rolled strips, and galvanised plates and coils were among the highest shipped items.

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IamSMEofIndia Update On Steel Trade!

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