In October 2023, India imported 570,000 tonnes of steel, down 4% compared to October 2022. This change in the trade dynamics of India which is a net steel exporter, is unusual for the country.
While imported steel products in October 2023 were 4% less than in the same period of the previous year, there was a significant increase of 50% compared to the previous month.
During this period, India's exports of steel products decreased by 21% annually, but increased by a significant 78% monthly, reaching a total of 360,000 tonnes. As a result, imports into the country exceeded exports by 290,000 tons. Several factors contributed to this trend, including declining export demand from regions such as Vietnam, West Asia and Europe. Simultaneously, the appeal of affordable steel from China has led to an increase in imports.
India shipped 3.52 million tons of steel products for export from April to October 2023 and maintained its position as a net exporter during this period. In the same period, imports amounted to 3.47 million tons.
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