In the steel sector, India became an exporter country instead of an importer


- Occasional

- Impact of Reversing Industrial Trends

- Indications of increase in exports in January: demand at home also increased: signs of higher prices in China and Europe

In the country, iron and steel iron and steel market and industry have seen a reversal of trends. In the recent budget, the government has announced various measures to boost the construction and infrastructure sector in the country and due to this there is hope of increasing demand in the domestic steel market and industry, while in the export sector also encouraging news has come out for the steel market recently. Steel exports from the country have witnessed a significant growth recently. According to the informants of the steel and iron market, in the last 6 months, steel exports from India have decreased and steel imports have increased in the country, and in this period, India has become a net importer of steel and iron. However, now the scenario has been seen changing. The steel industry informants were saying that there have been signs of a reversal in the figures released recently for the month of January. According to the recently released figures, steel and iron exports from the country have increased significantly by around 29 to 30 percent in January compared to December. And in January such export has increased to 0.90 million tons. Such exports have increased by about 42 to 43 percent compared to January 2023, said the informants. In such a situation, instead of a net importer, India has emerged as a net exporter of steel. However, after January, market players are keeping an eye on how such a trend is maintained in the following months. According to the sources of the Ministry of Steel of the Central Government, our country became a net importer of steel from April last year and this opposite situation continued till the month of December. Equations have been found to change.

Iron and steel exports from the country increased to 0.90 million tonnes in January from 0.65 million tonnes in December. In January last year, such exports were 0.60 million tonnes. Meanwhile, the country's total steel imports during the April to December period last year were around 6.80 million tonnes while the total steel exports from the country were 5.50 million tonnes during this period. Thus, our country became a net importer of steel in this period. Prior to this, in the period from April to December in the year 2022, the import of steel in the country was five million tons and the export of steel was 5.40 million tons and during that period our country became a net exporter of steel. Now, according to the figures released in January, the situation of 2022 is likely to return to the steel market and industry.

According to steel industry insiders, Indian steel has seen an increase in overseas inquiries and demand due to high steel prices in the world market recently. After January, in the period of 3 months of February and March, the steel exports from the country will increase and the steel imports in the country will be less. Meanwhile, domestic demand for steel in the country is projected to remain high in the current New Year of 2024. In the financial year 2022-23, the total demand of steel in the country increased by about 10 percent to 120 million tonnes. The growth rate of steel demand in the country has been relatively higher than the growth rate of GDP. The demand for steel has been seen increasing due to the increase in spending by the government in the construction and infrastructure sector. In the recent budget too, the government has increased the allocation for this sector. Before this, there was a significant increase in the import of steel from China in the country. The informants were also saying that the government needs to take various steps to control the increased imports from China. Steel prices have increased in the country in January and the initial deliveries of February have also been seen at high prices.


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