India's steel imports surpass exports in July 2023
Steel

India's steel imports surpass exports in July 2023

In July, it was observed from a report of the Steel Ministry, as accessed by businessline, that India had become a net importer of steel for the first time in the current fiscal year. During this month, a total of 5,87,000 tonne of steel were imported, while exports accounted for 5,13,000 tonnes.

The year-on-year comparison revealed that both imports and exports had witnessed an increase of over 30 percent. This disparity was attributed to the influx of lower-priced steel, mainly from China, alongside a decline in export offers. Consequently, imports surpassed exports by 74,000 tonnes during this specific month.

This marked the fourth instance within a year that India had transitioned into a net steel importer. The first occurrence happened in July of the preceding year, breaking a streak of four years as a net steel exporter. In July of the previous year, imports had stood at 4,44,000 tonnes, while exports were recorded at 3,80,000 tonnes.

The downturn in exports during the prior year had been prompted by a government imposition aiming to control domestic inflation.

A Ministry official commented that the year-on-year increase in steel exports was due to the base effect from July 2022. However, when comparing June to July of 2023, there was no significant change, with exports remaining around 500,000 tonnes due to weak orders and global recessionary trends. In the span of April to July of the fiscal year, which covers a period of four months, exports displayed stagnancy, whereas imports surged by 23 percent year-on-year according to preliminary figures provided by the Ministry.

Although, during the period from April to July, India continued to be a net steel exporter. Exports during this time totalled 25,63,000 tonnes, while imports amounted to 19,89,000 tonnes.

Also read: 
AM/NS India aims 40 mt capacity by 2035
UltraTech Cement's Q1FY24 Earnings Soar, Gujarat Capacity Expanded


In July, it was observed from a report of the Steel Ministry, as accessed by businessline, that India had become a net importer of steel for the first time in the current fiscal year. During this month, a total of 5,87,000 tonne of steel were imported, while exports accounted for 5,13,000 tonnes. The year-on-year comparison revealed that both imports and exports had witnessed an increase of over 30 percent. This disparity was attributed to the influx of lower-priced steel, mainly from China, alongside a decline in export offers. Consequently, imports surpassed exports by 74,000 tonnes during this specific month. This marked the fourth instance within a year that India had transitioned into a net steel importer. The first occurrence happened in July of the preceding year, breaking a streak of four years as a net steel exporter. In July of the previous year, imports had stood at 4,44,000 tonnes, while exports were recorded at 3,80,000 tonnes. The downturn in exports during the prior year had been prompted by a government imposition aiming to control domestic inflation. A Ministry official commented that the year-on-year increase in steel exports was due to the base effect from July 2022. However, when comparing June to July of 2023, there was no significant change, with exports remaining around 500,000 tonnes due to weak orders and global recessionary trends. In the span of April to July of the fiscal year, which covers a period of four months, exports displayed stagnancy, whereas imports surged by 23 percent year-on-year according to preliminary figures provided by the Ministry. Although, during the period from April to July, India continued to be a net steel exporter. Exports during this time totalled 25,63,000 tonnes, while imports amounted to 19,89,000 tonnes. Also read:  AM/NS India aims 40 mt capacity by 2035 UltraTech Cement's Q1FY24 Earnings Soar, Gujarat Capacity Expanded

Next Story
Technology

Constructive Automation

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Real Estate

Google India’s New Campus

India continues to cement its position as a global digital powerhouse – and Google’s latest milestone reinforces this trajectory with the inauguration of Ananta, one of its largest offices worldwide. CW explores the design, sustainability and construction aspects of this landmark campus in Bengaluru.Significance of AnantaLocated in Mahadevapura, Bengaluru, Ananta spans 1.6 million sq ft and is situated within Bagmane Tech Park. Named after the Sanskrit word for ‘infinite’, this state-of-the-art, 11-storey facility is Google’s fourth office in Bengaluru. It is designed to foster colla..

Next Story
Infrastructure Urban

Indian Delegation Visits South Africa for Trade and Investment Talks

A nine-member Indian delegation participated in the second session of the India-South Africa Joint Working Group on Trade and Investment (JWGTI) held in Pretoria from 22 to 23 April 2025. Discussions were conducted in a cordial atmosphere, focusing on expanding trade ties, boosting investments, and fostering greater people-to-people exchanges. The meeting was co-chaired by Malose Letsoalo, Chief Director, Bilateral Trade Relations, Department of Trade, Industry and Competition of South Africa, and Priya Nair, Economic Adviser, Department of Commerce, India. Delegates from the High Commission ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?