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India's steel trade deficit grew to $516 million in April-May

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Ferrous 28 Jun 2024 11:02 AM IST Steel Orbis
India's trade deficit in steel in value terms increased to $516 million in the first two months (April-May) of the fiscal year 2024-25, equal to 47% of the deficit of $1.09 billion in the full fiscal year 2023-24, shows data by the Ministry of Steel. 
 
Imports for the April-May quarter were assessed at 1.3 million metric tonnes (MMT), up 37% from the same period the previous year, while exports were 0.94 MMT, down 40% year on year, according to the statistics.
 
Flat products accounted for 95% of imports, a 42% increase, while non-flat product imports were down 8.9%. However, the ministry's study shows that non-flat steel exports decreased 11% year over year, while flat product exports, which comprised 87% of overall exports, decreased by more than 42%.
 
China remains India's top steel supplier, pushing out more established markets like South Korea and Japan. Chinese shipments for April–May 2024 were valued at $482 million, up 62% year over year and 79% over the same period the previous year.

Also Read : India's sponge iron manufacturers seek levies to reduce iron ore exports Chinese steel demand to remain stable in 2024

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