India had recorded 5% annual growth in January-June 2023 and produced 66.14 MT of crude steel. According to officials, this upward trend will continue in the second half of 2023.
In addition, domestic steel consumption in India rose 11 percent year on year to 58 mt in the first half of 2023, up from 52.7 mt in the same period of 2022.
During the said period, steel exports lost 30% of their value due to the increase in China's steel shipments.
India's steel exports amounted to 6.70 mt in the first half of 2022, falling to 4.74 mt in the first half of 2023. Market analysts interpreted the reason for the decline in exports as cheaper supplies from China and decreased demand in the markets.