Loading prices...

Register/Sign in
ScrapMonster
Are ads getting in your way? Register for Ad-free pages and live data.
Get an instant offer on your damaged car
Steel News December 20, 2023 01:20:12 PM

India's Steel Import to be Elevated at 6MT in FY24 on Strong Demand: CRISIL

Paul Ploumis
ScrapMonster Author
The tepid rate of growth rides largely on a buoyant 13 per cent growth in demand in India, which has bucked the trend so far, Crisil said.
India's Steel Import to be Elevated at 6MT in FY24 on Strong Demand: CRISIL

SEATTLE (Scrap Monster): India imported 4.26 MT finished steel in April- November 2023 and the import may touch 6 MT mark in the current fiscal mainly on account of strong domestic demand, according to a report by Crisil.

The report comes at a time when steel players are registering strong concerns of surging imports.

Global steel demand, which has been subdued since the onset of the Russia-Ukraine conflict, is expected to grow 1.6 per cent in 2023, after a sharp fall of 3.3 per cent in 2022, the global analytics company said.

The tepid rate of growth rides largely on a buoyant 13 per cent growth in demand in India, which has bucked the trend so far, Crisil said.

This fiscal, the steel sector in India is poised to clock its third consecutive year of double-digit growth at 11-13 per cent after growing 11.4 per cent and 13.4 per cent in fiscals 2022 and 2023, respectively.

"Strong domestic demand, supported by government spending on infrastructure, building and construction segments, is expected to keep India's steel imports elevated around the 6 MT (million tonne) mark this fiscal even as the global steel industry battles a slowdown," Crisil said.

Chinese mills have started pushing volumes into the global market at highly competitive prices. Between January-November this year, exports from China increased 35.6 per cent to 82.7 MT - the highest since 2016.

Courtesy: www.business-standard.com

Are ads getting in your way? Register for Ad-free pages and live data.

How to Recycle

Proper Disposal of Alkaline Batteries

Proper Disposal of Alkaline Batteries

Improper disposal of alkaline batteries can result in various negative consequences. Explore our blog post to discover safe disposal methods.
Christmas Tree Recycling - Responsible Ways

Christmas Tree Recycling - Responsible Ways

Proper preparation and using a reliable Christmas tree recycling directory ensures responsible disposal and maximizes the benefits.
Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop Throwing Away LED Light Bulbs -- Do This Instead

Stop throwing away LED light bulbs and dispose of them responsibly. Proper disposal ensures environmental safety and sustainability.
powered by RecyclingMonster
Are ads getting in your way? Register for Ad-free pages and live data.
×

Quick Search

Advanced Search