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India continues to be net steel importer for April - January period

The steel trade deficit in India has expanded significantly, reaching over Rs 11,500 crore during the April to January period of the fiscal year, marking a notable increase of 30 percent within a single month and a substantial 15 percent rise year-on-year.

India continues to be net steel importer for April - January period

This surge in deficit is primarily attributed to escalating imports from China, which have soared by approximately 80 percent year-on-year, according to a recent report from the Steel Ministry of India.

During this period, India found itself as a net importer of steel, with imports totaling 6.8 million tonnes, reflecting a substantial 35 percent increase compared to the preceding period, while exports amounted to 5.5 million tonnes, showing a more modest increase of 3.6 percent.

The report indicates that the import of total finished steel amounted to Rs 56,461 crores (USD 6,822 million), while exports of total finished steel were valued at Rs 44,898 crores (USD 5,425 million) for the April to January period of the fiscal year 2023-24.

In comparison, the trade deficit for the corresponding nine-month period (April – December) stood at Rs 8,888 crore, with imports valued at Rs 48,027 crore and exports at Rs 39,139 crore.

China remains a dominant player in the Indian steel market, with the highest market share and significant increases in imports across various categories, displacing traditional markets like Korea and Japan. On the other hand, Europe continues to be a major buyer of Indian steel, with countries like Italy, Belgium, and Spain showing significant growth in imports.

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