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

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code