New Delhi: India’s steel exports fell to a five-year low in the fiscal year ended March, hit by a slump in global demand and an export tax hurdle, 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 50.2 per cent decline year on year and the lowest since 2018/19, the data showed.
Major steelmakers reported a fall in profits in the December quarter after the government imposed an export tax in May last year, which was rolled back in November.
Most steel companies, including India’s largest steelmaker JSW Steel Ltd, had forecast a pick-up in exports for the quarter ended March.
Meanwhile, India’s imports are set to reach a four-year high of 6 million tonnes in 2022/23, an increase of 29 per cent year on year and the highest since 2019/20.
During April-January, India’s Russian steel imports reached an eight-year high, and shipments were almost five times higher than the same period a year ago.
However, for 2022/23, India was a net exporter of finished steel.
Overall, India’s crude steel production is set to reach a record high of 125.32 million tonnes in 2022/23, up 4.2 per cent, in line with previous government projections.
Total finished steel consumption in 2022/23 was set at 119.17 million tonnes, up 12.7 per cent on the year before.
(Reporting by Neha Arora; Editing by Mayank Bhardwaj, Robert Birsel)
Disclaimer: This report is generated automatically from Reuters news service. ThePrint is not responsible for its content.
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