Dragon dominates:
Steel trade deficit for April to July widened to ₹11,592 crore, or 30% higher,
for FY24. | Photo Credit: Reuters
One out
of every three steel products imported into India is from China, indicating
continued pressure on the domestic market and exports. The steel trade deficit
for the April-July period widened to ₹11,592 crore, 30% higher than the ₹9,036
crore reported for FY24, a Steel Ministry report accessed by businessline
showed. India was a net importer of steel.
Finished steel imports stood at ₹24,941 crore for the first four months, and
2.7 million tonne (mt) in volume terms – up 32% y-o-y. On the other hand, export
of the metal stood at ₹13,349 crore, or 1.6 mt, down 41% y-o-y.
As
per the report, global steel prices continued declining in July, with “prices
coming down in major steel markets” due to local and global issues. “Barring
few aberrations, prices of most of the finished steel products saw
month-on-month and year-on-year decline in India, China, the U.S. and the
European Union,” the Ministry said.