India’s Steel Imports Surge in June 2023, China and Vietnam Dominate Share

SEATTLE (Scrap Monster): India's steel imports in June 2023 amounted to 4.84 LMT, indicating a 5.9% increase on a month-on-month basis and a 7.6% rise compared to June 2022, as per the Ministry of Steel. The official data also revealed that the share of countries such as China and Vietnam in India's steel import basket during June 2023 has increased on a year-on-year (y-o-y). 

"Share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the USA increased in total steel imports of India in June '23 as compared to June 22...," it said.

In June 2022, China constituted 26.1% of India's steel imports, while Vietnam's share was 1%. However, by June 2023, the import share from China increased to 37.1%, and Vietnam's contribution rose to 4.8% in India's steel import portfolio. These changes are noteworthy as India aims to expand its steel production capacity to 300 million tonnes and seeks a significant position in the global steel markets. 

On the other hand, India's export of finished steel declined by 27.6% compared to May 2023 and 21.3% compared to June 2022, reaching 5.02 LMT.

The share of the UK, Mexico, Russia, Italy, Portugal and Nepal in India's steel exports basket increased in June 2023, the data showed.

On prices of iron ore, it said that the prices of the steel making raw material were at INR 3,900/tonne in June, unchanged from its May 2023 level.

Courtesy: www.livemint.com