India to Remain Net Steel Exporter to China This Fiscal

SEATTLE (Scrap Monster): According to recent research report published by leading financial credit rating company Infomerics Valuation and Rating Pvt Ltd., India will become a net exporter of steel to China this fiscal.

The report titled “Steel Industry: Trends & Prospects” says that the forecast is based on current trends. Accordingly, the country’s steel exports for the current fiscal year are all set to surpass the levels recorded in fiscal 2021. The surge in exports is despite the severe disruptions on account of Covid-19 pandemic and prevailing border tensions with China, it noted.

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According to the report, Chinese steel production contracted throughout the year, whereas that in India grew. The growth in Indian output was mainly boosted by various measures to sustain production and speed up the development of the industry. Incidentally, steel sector contributes around 1.5% of the country’s total GDP.

Also, Indonesia is likely to replace India as the world’s second largest producer of stainless steel, according to research conducted by MEPS. The Indonesian production should outpace that of India and is expected to reach 4.5 million tonnes. However, the production from other regions is expected to remain modest. MEPS predicts global stainless steel production of 56.5 million tons and 58.2 million tonnes in 2021 and 2022 respectively.