India's Turns Net Importer Of Steel

New Delhi, Jan 29 (KNN) The Steel Ministry of India has reported that India's steel trade deficit has witnessed a remarkable 272 per cent sequential surge, reaching Rs 8,888 crore.

This increase, among the highest recorded in recent times, solidifies the country's status as a net importer during the initial nine months of the fiscal year.

The deficit has grown by Rs 6,495 crore within a one-month period.

According to the report, accessed by BusinessLine, the import of finished steel from April to December reached 5.6 million tonnes (Mt), reflecting a 26.4 per cent year-on-year increase.

In contrast, exports were at 4.7 Mt, down by 1.4 per cent year-on-year, creating a deficit of 0.9 Mt.

In terms of value, imports totalled Rs 48,027 crore, while exports stood at Rs 39,139 crore. The trade deficit for April to November was Rs 2,393 crore, positioning India as a net importer by 0.3 Mt.

The report highlights that from April to December 2023, domestic finished steel production increased by 14.1 per cent, reaching 102.196 Mt, while domestic consumption rose by 14.8 per cent to 99.991 Mt.

India found itself in a net import position for total finished steel, with imports surpassing exports.

Volume-wise, hot-rolled coils and strips (2.272 Mt) dominated the imports, holding a 41 per cent share in total finished steel.

The Ministry's report also indicates that Korea has reclaimed its position as the top importer of finished steel, contributing 1.77 Mt of shipments, marking a 5 per cent increase from the previous year.

Notably, hot-rolled coils and strips, cold-rolled strips, and galvanised plates and coils were among the highest shipped items.

(KNN Bureau)