India's steel imports surpass exports in July 2023

08 Aug 2023 CW Team

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.

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