India Steel Exports Jump 33% in April-December Period, Government Data Shows
India achieved a 33.3% growth in finished steel exports to 4.8 million metric tons during April-December, making it a net steel exporter with imports at 4.65 million metric tons. The country produced 117.6 million metric tons of finished steel and 123.9 million metric tons of crude steel, while consumption reached 119.3 million metric tons. The government imposed safeguard duties starting at 12% on steel imports to counter cheaper Chinese shipments, with rates declining over three years.
*this image is generated using AI for illustrative purposes only.
India has demonstrated strong performance in steel exports during the April-December period, with finished steel shipments reaching 4.8 million metric tons, marking a substantial 33.3% increase from the previous year, according to provisional government data. This growth has positioned the world's second-biggest crude steel producer as a net exporter of finished steel during the first nine months of the financial year.
Export-Import Balance
The trade dynamics reveal India's strengthening position in the global steel market. While the country exported 4.8 million metric tons of finished steel, imports stood at 4.65 million metric tons during the same period, creating a positive trade balance.
| Trade Parameter: | Volume (Million MT) | Change (%) |
|---|---|---|
| Finished Steel Exports: | 4.8 | +33.3% |
| Finished Steel Imports: | 4.65 | - |
| Net Export Position: | 0.15 | - |
Country-wise data on India's steel exports is expected to be released later in the month, which will provide more detailed insights into export destinations and market penetration.
Production and Consumption Metrics
India's domestic steel sector showed robust production capabilities during the April-December period. The country's steel production and consumption figures demonstrate the scale of its domestic market and manufacturing capacity.
| Production Metric: | Volume (Million MT) |
|---|---|
| Finished Steel Production: | 117.6 |
| Crude Steel Production: | 123.9 |
| Finished Steel Consumption: | 119.3 |
The production figures indicate that India maintained strong manufacturing output while meeting substantial domestic demand, with consumption reaching 119.3 million metric tons.
Government Policy Response
In December, the government implemented protective measures to address concerns over cheaper steel imports, particularly from China. The administration imposed safeguard duties on certain steel products with a declining rate structure over three years.
| Policy Implementation: | Rate Structure |
|---|---|
| First Year Safeguard Duty: | 12% |
| Second Year Rate: | 11.5% |
| Third Year Rate: | 11% |
These measures aim to protect domestic steel manufacturers from unfair competition while allowing gradual market adjustment.
Market Price Developments
The steel sector witnessed price adjustments in January, with leading Indian steelmakers increasing prices for key products. Hot-rolled coils and cold-rolled coils saw price increases of up to ₹2,000.00 per metric ton, according to commodities consultancy BigMint. Hot-rolled coil prices ranged between ₹50,250.00 per metric ton to ₹51,250.00 per metric ton, reflecting market dynamics and input cost pressures.
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