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India will soon be a net exporter of steel, with the country's steel trade imbalance likely to be balanced by the end of current fiscal year, according to Steel Minister Jyotiraditya Scindia. India's net import of steel during the current fiscal year (April-January) is "temporary," owing to factors such as a global supply glut, improved domestic realisations, and decreasing exports.
Finished steel exports totaled 5.52 million tonnes (MT) during April to January 2023-24, up 3% year on year, while imports totaled 6.8 MT, up 37%. Thus, over the reviewed period, imports exceeded exports by 1.28 MT. The steel trade deficit increased to ₹11,564 crore during the period, with imports valued at ₹56,461 crore and exports valued at ₹44,989 crore.
“It (being a net importer) will balance out by the end of this fiscal,” Scindia said, adding that “across the world there was a glut and it led to a tremendous over-supply”. This in turn led to a fall in steel prices. On the other hand, domestic demand and consumption saw a substantial rise which automatically saw mills concentrate more on the domestic market, than target export.
Provisional data for the first 10 months, released by the Steel Ministry, show finished steel production stood at 114.43 MT, up 13%, while domestic consumption was 112.515 MT, up 15%.
For January 2024, exports witnessed an over 30% pick-up month-on-month and a 43% increase YoY to 0.9 MT. Indian exports rose nearly after six months of continuous decline. Steel Ministry data show that India was a net steel exporter by a marginal 0.1 MT during the month.
India, the second largest crude steel producer, is also among the largest buyers / importers of coking coal - a key feedstock raw material for steel-making. While Australia remains the most prominent supplier country, its share has decreased significantly, with Indian mills sourcing more from the US and Russia.
Scindia also said the Ministry is working to avoid shortage of low-grade iron-ore in the country. “The issue has been flagged,” he said. Tier-II mills in the country have been seeking a ban on export of the steel-making ingredient, in view of its price fluctuation. Incidentally, senior ministry officials have already ruled out the possibility of an immediate ban on exports (of iron ore).
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