India Turned Into Net Steel Importer For the First Time During Current Fiscal
According to the Ministry, the country continued to be a net exporter of finished steel during April ’20-January ’21.
SEATTLE (Scrap Monster): The most recent press release by the Ministry of Steel in India denotes that the country turned net importer of steel in January 2021, for the first time in the current fiscal. The country had remained a net exporter in the first nine months. The net trade deficit stood at 0.06 million tonnes.
According to the Ministry, the country continued to be a net exporter of finished steel during April ’20-January ’21. The exports of finished steel from the country during this period totaled 8.84 million tones, rising significantly by nearly 23% year-on-year. Meantime, imports recorded sharp decline by approximately 37% over the previous year to total 3.79 million tonnes.
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During the month of January 2021 alone, exports dipped by 24.6%, whereas the imports surged higher by 22%, upon comparison with the same month a year before. The countries to boost their share in total steel imports to India included Germany, Austria, France and Taiwan. On the contrary, the share of South Korea, China and Japan declined over the period, the Ministry noted.
The production as well as consumption of finished steel took a hit in the first ten months of the fiscal, mainly due to Covid-19 impacts.
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