According to the Ministry of Steel data, India’s steel exports increased by 11% in October compared to the previous month, giving a positive market outlook. The export volume, which was 0.4 million tons in September, reached 0.44 million tons in October. A senior official said that this increase indicates a recovery in the steel sector.
On the other hand, steel imports fell for the first time in the current fiscal year. Imports, which were 1.1 million tons in September, fell by 4% in October to 980,000 tons. The restrictions imposed by the government on low-quality steel imports, especially from countries like Vietnam, were effective in this decline. This development could enable domestic steel producers to capture price advantage and achieve better pricing conditions in the third quarter.
Officials from the Steel Authority of India Limited (SAIL) announced that there was a 2% price hike in long steel products in October, with prices rising to INR 53,000 (USD 628) per ton. India’s steel production is expected to reach 152 million tons in FY2024-25, growing at an annual rate of 8%. The increase is largely driven by government spending on major infrastructure projects, including highways, ports, and railways. Additionally, the demand for steel products is expected to remain strong, spurred by ongoing urbanization and a rise in construction activities across the country.
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