According to the Ministry of Steel's report, finished steel imports increased by 26.4% annually and reached 5.6 mt, while exports decreased by 1.4% to 4.7 mt.
According to the report, it was stated that India is a net importer of total finished steel and imports exceed exports. Hot rolled coils and strips had a share of 41% among the most imported products.
Korea became the largest importer of finished steel with a shipment of 1.77 mt, an increase of 5% compared to last year. Hot rolled coils and strips, cold rolled strips and galvanised plates and coils were amongst the highest shipped items.
China fell to second place with a shipment of 1.75 mt, an increase of 62%. Imports increased by 38% to 0.8 mt in Japan and by 486% to 0.5 mt in Vietnam.
While it was stated that steel exports to European markets increased, it was emphasized that Italy, Belgium and Spain were the three largest export markets. Exports to Italy increased by 53% to 0.93 mt, while shipments to Belgium and Spain increased by 29% and 75% respectively. Nepal was the second largest export market at ₹0.5 mt, but the UAE market fell 36% to ₹0.38 mt.
The report stated that increasing production in the steel industry and the local market's failure to recover at the expected level increased the pressure on prices. India stated that production increases in China and weak local demand caused Chinese steel prices to rise.
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