In the 2022/2023 fiscal year, the volume of Indian rolled product exports decreased 50.2% y-o-y to 6.7 million tons, the lowest figure since 2018-2019.
Major steel companies reported a decrease in their profits, partly due to the introduction of export duties in May 2022. However, India remained a net exporter of rolled product. On a capacity basis, most steelmakers, including India's largest steelmaker JSW Steel, had forecast an increase in exports in the quarter ended March.
Steel production in the country reached a record level of 125.32 million tons, and total rolled steel consumption amounted to 119.2 million tons, up 12.7% y-o-y. India also increased its steel imports by 29 percent y-o-y to 6 million tons, the highest level in four years, and Russia's steel imports to the country reached the maximum in 8 years.