Finished Steel exports down y-o-y by 52%, till now, in FY 23

10 Feb 2023 , 09:27 AM

According to the most recent official data reviewed by Reuters on Thursday, India’s finished steel exports more than halved over the first 10 months of the fiscal year that started in April 2022 because of weak global demand. Between April and January, the nation’s exports of steel decreased by 52.2% to 5.33 million tonnes, despite the abolition of an export tax in November.

Despite this, India, the second-largest producer of crude steel in the world, was a net exporter of the alloy between April and January.

The financial stability of India’s steelmakers was impacted when New Delhi increased the export tax on several steel intermediates in May of last year, which hindered international sales and caused a decline in profits in the December quarter.

However, the majority of steel firms, including JSW Steel Ltd., India’s largest steelmaker by capacity, have forecast an increase in export sales for the current quarter through March.

India’s completed steel output climbed by 5.2% to 98.3 million tonnes between April and January, while consumption increased by 10.8% to 96.4 million tonnes.

Over this time, India imported 5 million tonnes of completed steel, an increase of 28% from the previous year. Production of crude steel increased by 4.2% to 103.2 million tonnes.

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