New Delhi: India’s steel exports slumped to a five-year low in the financial year that ended in March, as slowing global demand and an export tax hampered shipments, government data compiled by Reuters showed on Wednesday.
India, the world’s second-biggest producer of crude steel, shipped 6.7 million tonnes of finished steel in 2022/23, a decline of 50.2 per cent on the year and the lowest since 2018/19, the data showed.
Major steelmakers had reported a drop in profits in the December quarter, in part because the government had in May last year imposed the export tax, which was withdrawn in November.
Most steel companies, including JSW Steel Ltd, India’s biggest steelmaker by capacity, had projected a pick-up in exports in the quarter that ended in March.
Meanwhile, India’s imports touched a four-year high at6 million tonnes in 2022/23, a growth of 29 per cent on the year and the highest since 2019/20.
During April-January, India’s imports of Russian steel reached an eight-year high, and shipments were nearly five times higher than in the same period a year ago.
However, for 2022/23, India was a net exporter of finishedsteel.
Overall, India’s crude steel production reached a record high of 125.32 million tonnes in 2022/23, up 4.2 per cent on the year, in line with previous government estimates.
Consumption of total finished steel was 119.17 million tonnes in 2022/23, up 12.7 per cent on the year.
(Reporting by Neha Arora; Editing by Mayank Bhardwaj, Robert Birsel)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.
Also read: Coal India to boost supplies to industries as utilities’ inventories rise