Finished steel exports dropped by 21pc on the year in June to 502,000t — the lowest since December 2022, provisional data from the steel ministry’s Joint Plant Committee show. Finished steel comprises alloyed and non-alloyed steel.
April-June exports declined by 6.4pc from the previous year to 2.05mn t. Exports hit a 13-month high in April, but have since tapered off on slowing demand from Europe and increased competition from other Asian origins.
Exports are expected to remain subdued in July and August as well, as global steel markets enter a lean consumption period owing to seasonal slowness.
Imports of finished steel in June rose by 7.6pc on the year to 484,000t — the highest since February, as weaker prices in southeast Asia made imports attractive for domestic buyers. Indian market participants imported from China, Vietnam and Japan last month. Imports during April-June rose by 20pc on the year to 1.4mn t.
Finished steel production rose by 12pc on the year to 10.5mn t in June, while consumption picked up by 14pc to 9.9mn t over the same period. April-June output increased by 12pc from the previous year to 32.4mn t, while consumption rose by 10pc on the year to 30.3mn t.
India’s steel production is expected to continue growing as more capacity comes on line this year, with a recent addition in supply coming from state-controlled NMDC’s 3mn t/yr Nagarnar iron and steel plant in Chhattisgarh that started trial production of hot-rolled coils (HRC) on 30 June.
Both the World Steel Association and the Indian Steel Association have pegged India’s steel demand growth at over 7pc in fiscal year 2023-24.
