India’s steel exports saw a significant rise to 4.4 million tonnes in October, a sharp increase from just 400,000 tonnes in September. This growth came at a time when imports into the country decreased, providing an opportunity for domestic steel companies to secure better prices for their products, according to a senior official.
The decline in imports marks the first reduction in the current financial year, following the Indian government’s restrictions on the import of low-quality steel from countries like Vietnam. As a result, steel imports fell by 4% to 980,000 tonnes, compared to 1.1 million tonnes in September.
Officials from Steel Authority of India Ltd (SAIL) reported that the domestic steel sector is showing signs of improvement. The price of long steel products, for example, rose by about 2% to Rs 53,000 per tonne compared to September.
In a call with investors, JSW Steel CEO Jayant Acharya pointed out that steel prices have begun to rise after the sharp drop in September, which saw imports spike to record highs.
Looking ahead, India’s steel production for 2024-25 is projected to reach 152 million tonnes, marking an 8% annual growth. This increase is expected to be fueled by the government’s infrastructure spending on major projects like highways, ports, and railways. The surge in urbanization and construction activity will further drive demand for steel products.
