India's Steel exports in FY 23 decline y-o-y by 50%

6 Apr 2023 , 07:20 AM

 India’s steel exports plunged to a five-year low in the fiscal year that ended in March as declining global demand and an export tax hindered shipments.

The data showed that India, the second-largest producer of crude steel in the world, delivered 6.7 million tonnes of finished steel in 2022–2023—a decrease of 50.2% from the previous year and the lowest amount since 2018–19.

The government imposed the export tax in May of last year; it was removed in November. As a result, major steelmakers reported a decline in profits in the December quarter.

The majority of steel businesses had anticipated a rise in exports in the three months that ended in March, including JSW Steel Ltd., India’s largest steelmaker by capacity.

India’s imports, meanwhile, increased by 29% on the year and reached a four-year high of 6 million tonnes in 2022–23, the most since 2019–20.

India’s imports of Russian steel during the months of April through January rose to an eight-year high, and shipments were more than five times greater than during the same time last year.

Nonetheless, India was a net exporter of completed steel in 2022–2023.

According to earlier official projections, India’s total crude steel production increased by 4.2% on the year to a new high of 125.32 million tonnes in 2022–23.

Total finished steel consumption in 2022–2023 was 119.17 million tonnes, up 12.7% from the previous year.

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