Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
India's steel trade deficit decreased to ₹10,411 crore from April to February, a 10% decrease from the previous period. This was due to increased exports and stable imports in February, according to a Steel Ministry report. The trade deficit was ₹11,564 crore during the April-January fiscal period.
Finished steel imports totalled 7.6 MT worth ₹63,432 crores, while exports totalled 6.6 MT worth ₹53,021 crores. India was a net importer of goods, with imports surpassing exports by almost 1 MT. Imports rose 29% YoY in February, staying at 0.8 MT, January levels. In February, however, exports climbed by 21% sequentially and 78% YoY to exceed 1 MT, according to the Ministry data.
The Ministry report said imports increased 29% Year over Year and remained at January levels (with no significant increase) for February at 0.8 MT. Exports, on the other hand, increased by 78% Year over Year and by 21% sequentially in February to over 1 MT. “Volume-wise hot rolled coil/strip – at 3.4 MT – was the most imported item accounting for 45% share (with China being the largest seller), accounting for 2.5 MT of the shipments coming in,” the report mentioned.
Hot-rolled coils and strips were the highest-exported items, accounting for 2.6 MT or nearly 39% of the volumes. Flat product exports increased by 16% YoY to 5.9 MT, while non-flat products saw a 7% YoY decline to 0.7 MT.
According to the Ministry report, Italy, Spain, and Belgium were the three top buyers, and Europe accounted for 45% of the exports from India. Shipments to Italy—the largest market—stood at 1.5 MT, up 85% year over year. Exports in the year-ago period were 0.8 MT and valued at $1,228 million, up 43% year over year. Exports to Belgium increased 37% YoY to 0.8 mt or $646 million, up 6%. Shipments made past year were 0.53 MT, the report mentioned.
The other big buyer, Spain, saw an over 100% increase in exports to 0.63 MT for the April–February period, which was at 0.3 MT in the same period last fiscal. Exports were valued at $527 million, up 65% YoY.
The report showed that other European buyers were France, Germany, and Greece, and shipments stood at around 29,000 tonnes, 31,300 tonnes, and 42,400 tonnes, respectively. Other major buyers were Nepal and UAE, where exports stood at 0.6 MT, up 14% ($340 million) and 0.5 MT, down 28% ($442 million), respectively.
Also Read : ICRA revises growth rate of domestic steel consumption to 9–10% for FY25 India begins auction process for Dugda Coal Washery, targeting steel producers
Tata Motors, a country's major auto maker company has declared a major manufacturing investment in T...
Large Corporate 14-Mar-2024
India’s steel imports are set to decline by 50% in FY26, as the government plans to introduce...
Business 21-Mar-2025
1️⃣ JSW Steel surpasses global competitors to become the most valued steel company by market capital...
Business 27-Mar-2025
Indian iron ore miner NMDC Ltd is exploring lithium assets in Africa and Australia, a source wi...
Raw Material 22-Mar-2024
Fitch Ratings, an international credit rating agency, has announced that it has maintained its metal...
Ferrous 20-Jun-2024
Union Minister for Road Transport & Highways, Nitin Gadkari in a post said, in Andhra Pradesh, a...
Construction 12-Mar-2024