India's finished steel exports decreased by 54%

In the April-December period, exports decreased by 54.1 percent to 4.74 million tons due to falling demand in international markets and factories having difficulty increasing their shipments after the recent abolition of an export tax.

From April to December, the country that produces the second most crude steel worldwide was the net exporter of the alloy.

Following the Russian invasion of Ukraine, the major steel producers had aimed to increase their share in the global market; however, higher levies made shipments unattractive. In May, New Delhi increased export duties on eight steel intermediates by 15%.

Although the taxes were abolished in November, manufacturers have been complaining since then that it is difficult to regain market share in established regions such as Europe.

In April-December period, India's completed steel production increased by 5.7% to 87.9 million tons, while consumption increased by 11.5% to 85.5 million tons.

During this time, India imported 4.4 million tons of final steel, an increase of 27.4% compared to the previous year. Crude steel production increased by five percent to 92.5 million tons.