India's steel exports clock double digit growth in October

11 Nov 2024 CW Team

India's steel exports recorded a double-digit growth of 11% in October compared to the previous month, indicating an improved outlook for the sector, according to data compiled by the Ministry of Steel. While the country's steel exports rose to 440 million lakh tonnes in October, from 4 lakh tonnes in September, there was a dip in imports which will help the domestic steel companies to fetch better prices for their products in the third quarter, a senior official said. Imports slowed during the month for the first time in the current financial year as the Government imposed restrictions on poor-quality steel that was coming from countries such as Vietnam. As a result, steel imports declined 4% to 9.8 lakh tonnes after scaling a peak of 11 lakh tonnes in September, according to official figures. According to senior SAIL officials, there has been some improvement in the domestic steel sector with the price of long products going up by around 2% to INR 53,000 per tonne compared to September. Similarly, JSW Steel CEO Jayant Acharya said in an investor call that prices are looking up, after the sharp decline in September when imports had surged to a record high. India's steel production in 2024-25 is expected to touch 152 million tonnes, with an annual growth of 8% which is driven by Government expenditure on big-ticket infrastructure projects such as highways, ports and railways. The increasing urbanisation and surge in construction activity also drive up demand for steel products.

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