India’s steel exports recorded a double-digit growth of 11 percent in October compared to the previous month, indicating an improved outlook for the sector, according to data compiled by the Ministry of Steel.
The country’s steel exports rose to 4.4 million tonnes in October, up from 4 lakh tonnes in September. Meanwhile, imports declined, which will help domestic steel companies fetch better prices for their products in the third quarter, a senior official said.
Imports slowed for the first time in the current financial year, following government-imposed restrictions on poor-quality steel imports from countries such as Vietnam. As a result, steel imports fell by 4 percent to 9.8 lakh tonnes, down from 11 lakh tonnes in September, according to official figures.
Senior officials from SAIL noted that there has been some improvement in the domestic steel sector, with the price of long products increasing by around 2 percent to Rs 53,000 per tonne compared to September.
Similarly, JSW Steel CEO Jayant Acharya mentioned in an investor call that prices are on the rise after the sharp decline in September when imports surged to a record high.
India’s steel production in 2024-25 is expected to reach 152 million tonnes, with an annual growth of 8 percent, driven by government expenditure on large infrastructure projects such as highways, ports, and railways. Increasing urbanization and a surge in construction activity are also expected to drive demand for steel products.
(Inputs from IANS)