Finished steel exports to the EU amounted to 2.34 million tons in 2022-23, with the largest shipments to Italy (1.04 million tons) and Belgium (623,200 tons).
Exports to Asia amounted to 1.74 million tons in 2022-23, with the largest shipments to Vietnam with 869,300 tons and Nepal with 524,500 tons. The Middle East remained the third largest export destination with 1.03 million tons.
Exports to the EU, Asia and the Middle East decreased by 31%, 59% and 40%, respectively, in 2022-23 compared to the previous year due to the 15% export duty imposed by the Indian government on steel products from May to November 2022.
Total finished steel exports decreased by 50 percent to 6.72 million tons in 2022-23 from 13.5 million tons a year earlier. Exports also suffered last year as steel consumption weakened and prices decreased, especially in Southeast Asian countries.
India's finished steel imports increased 29 percent y-o-y to 6.02 million tons in 2022-23, with the highest imports coming from South Korea at 2.23 million tons, followed by China at 1.4 million tons, Japan at 841,400 tons, Vietnam at 319,800 tons and Russia at 312,900 tons.
India, which was a net importer of steel for six months in 2022-23, ended the fiscal year as a net exporter as shipments increased to 812,000 tons in March, the highest export volume on a monthly basis during the fiscal year.
Imports of 429,000 tons in March were the lowest in ten months, reflecting higher global steel prices since the start of the year.
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