The difference between finished steel imports and exports in the April-December period totaled 0.9 million tons, according to Steel Ministry data. During April-November, imports amounted to 4.3 million tons and exports to 4.0 million tons.
Steel imports increased particularly in the unalloyed steel category, up 59 percent on an annual basis to 4.0 million tons. Imports in the alloy and stainless steel categories, on the other hand, fell 17 percent to 1.6 million tons. India continued to increase its exports on the back of demand from global markets, particularly from Europe.
Final steel exports rose to 0.65 million tons in December, which represents an increase of 175 percent from November and 46 percent on a yearly basis. India, which was affected by the export duty imposed last year, lifted the duty in December 2023, boosting exports.
Imports, notably, decreased slightly to 0.73 million tons in December 2023 compared to the previous month. On a yearly basis, however, they were up 11 percent.
As India remained competitive with China's price offers amid a steady domestic supply flow, China's hot rolled coil offers increased, rising to $575/ton in December from $559/ton in November. Indian steelmakers, pushed down prices by offering significant discounts for hot rolled coil (HRC) and cold rolled coil (CRC) in December, lowering prices in the range of INR 1,500-2,000/ton ($18-24/ton) for both products.
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