Team Blitz India
NEW DELHI: India reversed a multi-year trend to become a net importer of steel for FY24, with imports exceeding exports by close to 1 million tonnes (mt), a report of the Union Steel Ministry, accessed by, shows.
For the full fiscal year, imports shot up 38 per cent YoY to 8.3 mt. This coincided with lesser-than-expected pick-up in exports, which rose by 12 per cent to 7.5 mt, on a low base.
March incidentally saw a sequential slowdown in exports by 18 per cent (over February) to 0.9 mt, while imports declined 32 per cent to 0.6 mt.
“FY23 saw depressed steel exports as there was a six month period of duty levy here. So the rise in export actually comes on the back of a low base. And is lower than earlier years such as FY22. And in comparison to these years, imports are up substantially which continues to be a matter of concern,”a ministry official said.
