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India's steel exports has decreased to the lowest level in five years

India's steel exports decreased to a five-year low in FY 2022/2023 due to slowdown in global demand and domestic export duties, according to Indian government data.

India's steel exports has decreased to the lowest level in five years

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.

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