India is currently a net importer of finished steel in fiscal 2025, according to the Ministry of Steel. Between April and July 2024, India’s finished steel imports were 2.695 million tonne, compared to 1.573 million tonne exports. This implies a trade deficit of 0.11 million tonne so far in fiscal 2025.
India’s steel trade deficit stood at 1.1 million metric tonne in the full year ended March 2024 compared to a trade surplus of 1.6 million metric tonne seen in fiscal 2023.
This was because of high imports from China in fiscal 2024. The poor housing sector in China led to a weak consumption of steel, forcing Chinese steel firms to redirect their products outside their borders to boost volume growth.
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Publish date : 2024-08-29 22:12:00
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