India's steel exports surged by over 30% month-on-month and 43% year-on-year

Despite this growth, the country remained a net importer for the first 10 months of the fiscal year, with imports at 6.8 mt, up 38% year-on-year, exceeding exports of 5.5 mt by 1.3 mt or 3.6%. Imports stood at 5 mt and exports at 5.4 mt in the year-ago-period.

JSW Steel's Joint MD and CEO, Jayant Acharya, noted in a recent investor call that domestic steel prices are nearing global levels due to the recent increase in global steel prices, which is expected to limit imports in the January–March period. However, concerns remain regarding rising steel imports amid a weak global market.

In January, India briefly became a net exporter of steel by a small margin, breaking a six-month streak of declining exports. Finished steel imports decreased by 14% month-on-month but were up by 29% year-on-year. Market sources anticipate price improvements in the January-March period, typically a strong quarter for steel mills, with steel prices increasing in January and early February deliveries compared to December.

Acharya highlighted that these price changes are also impacting export orders, bookings, and realizations positively. He expects higher export volumes in the fourth quarter of the fiscal year and anticipates a likely limitation or decrease in imports compared to the previous quarter.

Ministry data revealed that in January 2024, imports of non-alloyed steel, the primary item, increased by 45% year-on-year but decreased by 12% month-on-month. For the 10-month period from April to January, non-alloyed steel imports increased by 69% year-on-year to 5 mt, while non-alloyed and stainless steel imports decreased by 14% to 1.8 mt.

On the export front, key non-alloyed steel offerings increased by 53% year-on-year to 0.8 mt, with a 33% increase month-on-month. However, exports of non-alloyed steel remained at almost the same levels month-on-month but decreased year-on-year by around 20%. Overall, non-alloyed steel exports for the ten-month period increased by 51% year-on-year, while exports of non-alloyed and stainless steel decreased by 71%.