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
Infrastructure Urban

Vedanta Aluminium CEO John Slaven named IAI Vice-Chairman

Vedanta Aluminium, producer of aluminium, announced the appointment of its CEO, John Slaven as Vice-Chairman of the International Aluminium Institute (IAI). In this capacity, Slaven will spearhead global initiatives aimed at fostering the sustainable transformation of the aluminium industry and promote the critical role of aluminium in enabling the energy transition to a Zero Carbon modern world. Established in 1972, the International Aluminium Institute (IAI) is the sole organization representing the primary aluminium industry worldwide. It is tasked with enhancing awareness of the industry'..

Next Story
Infrastructure Urban

JK Tyre achieves record-breaking revenues and profits in FY24

Indian Tyre Industry major, JK Tyre & Industries (JK Tyre) announced its audited results for FY2024. The Board has recommended a dividend of Rs 4.50 per equity share (including interim dividend of Rs 1.00 per equity share already paid) i.e. 225 per cent for the financial year ended 31 March, 2024. Commenting on the results, Dr Raghupati Singhania, Chairman and Managing Director (CMD), said, ?JK Tyre achieved highest ever sales & profits during FY2024. Sales at Rs 150.46 billion was marginally higher with EBIDTA of Rs 21.22 billion increasing by 59 per cent and PAT of Rs 8.11 billion registeri..

Next Story
Infrastructure Urban

JSW One Platforms achieves FY24 GMV target rate of $ 1 billion

JSW One Platforms, the B2B e-commerce venture of JSW Group, crossed the $ 1 billion GMV run rate for FY24. The company reported a GMV of Rs 7.85 billion for March 2024, with an exit GMV run rate of Rs 94.20 billion for FY24. It has quadrupled in growth from the last year, with the actual GMV at Rs 52 billion for FY 24. With this, the company has become one of the fastest-growing tech companies in India. ?Our bet on digitisation of the B2B ecosystem is paying off, with our customers relying on online and digital channels for manufacturing and construction materials. Last year, we had set a targ..

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 81086 03000

Join us Telegram