11,024.33 TRY BIST 100 BIST 100
4.57 CNY CNY CNY
32.97 USD USD USD
35.87 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
40.55 TRY Interest Interest
85.89 USD Fossil Oil Fossil Oil
31.06 USD Silver Silver
4.49 USD Copper Copper
107.83 USD Iron Ore Iron Ore
382.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,553.39 TRY Gold (gr) Gold (gr)

India becomes net importer of finished steel

During the financial year 2023/24, India was a net importer of finished steel, according to government data.

India becomes net importer of finished steel

The country imported 8.3 million metric tons of finished steel from April to March, marking a 38.1% increase compared to the previous year.

Indian steel mills have urged the government to take action and implement safeguard measures against the surge in imports. However, the Ministry of Steel at the federal level has resisted these calls, pointing to strong domestic demand. As the world's second-largest producer of crude steel, India continues to shine on the global stage with robust demand from its construction and automotive sectors.

Steel consumption in India witnessed a significant 13.4% increase to reach 136 million metric tons during the period, reflecting strong demand in one of the world's fastest-growing economies. The country's steel demand is anticipated to remain sturdy, as the government predicts economic growth to outpace the global average in the upcoming fiscal year.

During the 2023/24 period, India's finished steel exports totaled 7.5 million metric tons, representing an 11.5% increase compared to the previous year. Crude steel output reached 143.6 million metric tons, marking a 12.9% increase from the previous year, according to data.

Finished steel output in 2023/24 amounted to 138.5 million metric tons, up by 12.4% compared to the previous year, as per the data.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In
SteelRadar Insight - Sayı 1 (Haziran 2024)

Most read news

ASEAN-6 region saw an increase in total scrap demand

Wednesday, July 10, 2024

New era in EU steel quotas : Türkiye hits capacity on 4 products

Thursday, July 11, 2024

Shyam Metalics and Energy announced its consolidated net profit in the 4th quarter

Thursday, July 11, 2024

Steel production on the increase in Spain!

Thursday, July 11, 2024

Chinese scrap market follows a volatile trend

Friday, July 12, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now