India's Finished Steel Exports Fell 54% From April-Dec: Data

During the first nine months of the fiscal year that began in April 2022, India's exports of finished steel more than halved, as per the government data.

Between April-December, exports decreased by 54.1 per cent to 4.74 million tonnes as demand plummeted in key international markets and mills struggled to increase shipments in the wake of the recent removal of an export tax.

From April to December, the nation that produces the second-most crude steel globally was a net exporter of the alloy.

Following Russia's invasion of Ukraine, major steelmakers had intended to increase their share of the global market; however, the higher levies rendered shipments unattractive. In May, New Delhi increased export taxes on eight steel intermediates by 15 per cent.

Although the taxes were eliminated in November, mills have since complained that it has been difficult to regain market share in established regions, such as Europe.

Between April-December, India's completed steel production climbed 5.7 per cent to 87.9 million tonnes, while its consumption increased by 11.5 per cent  to 85.5 million tonnes.

During the time, India imported 4.4 million tonnes of finished steel, an increase of 27.4 per cent from the previous year. Production of crude steel increased by five per cent to 92.5 million tonnes.