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

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Next Story
Infrastructure Transport

Buying a TBM?

Tunnel-boring machines (TBMs) are increasingly being used in India for metro, rail and other infrastructure projects. Choosing the right TBM is vital to work efficiently, speedily and safely. Here’s a guide on how to make the right choice.Geological compatibilityTBMs are specifically designed and customised to suit the unique geological and geotechnical conditions of the area where tunnelling will take place. So, an extensive and thorough geotechnical investigation is conducted prior to the machine’s design and fabrication. “The tunnelling company accurately compiles soil sampling f..

Next Story
Real Estate

Kitchen Dynamics

Modular kitchen design trends lean towards sustainability, smart technology integration, minimalist aesthetics and multifunctional spaces, says Rajkumar Kumawat, Founder and Principal Architect, Rajkumar Architects.Noticeable designs“A shift towards warm minimalism, where clean lines are balanced with tactile finishes such as fluted wood, brushed metals and muted stone surfaces, is a noticeable trend,” says Harkaran Singh Boparai, Founder and Principal Architect, Harkaran Boparai Studio. “Also, matte lacquers in deep, earthy tones are replacing gloss finishes, bringing a s..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?