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India reversed a multi-year trend and became a net importer of steel in FY24, with imports exceeding exports by over 1 (million tonnes) MT, according to a Union Steel Ministry report.
Imports increased 38% Year over Year to 8.3 MT for the entire fiscal year. This coincided with a slower-than-expected export increase, which increased by 12% to 7.5 MT from a low base. Coincidentally, imports fell 32% to 0.6 MT in March, while exports sequentially slowed by 18% (compared to February) to 0.9 MT.
"FY23" saw depressed steel exports as there was a six-month period of duty levy here. So the rise in exports actually comes on the back of a low base, and it is lower than in earlier years such as FY22. Compared to these years, imports are up substantially, which continues to be a matter of concern," a "ministry official said.
According to him, the import trend indicates some sequential moderation. India has a strong need for steel; therefore, imports help to meet some of the country's needs.
According to the Ministry report, non-alloyed steel imports shot up by nearly 70% year over year to 6.2 MT for FY24, up from 3.9 MT in FY23. On the other hand, exports in this category grew by 50% to 7 MT last fiscal year, up from 4.5 MT in the previous year.
Incidentally, the alloy and stainless steel trade - import and export - significantly dropped. Imports dropped to 2.1 MT, down 9% over 2.4 MT in FY23. The fall in exports was a sharp 68% to 0.7 MT for FY24. In FY23, the segment reported volume sales of 2.3 MT.
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