According to data from the Ministry of Steel, India imported 4.84 LMT of steel in June 2023, up 7.6% from June 2022 and 5.9% from month to month. The official data also showed that during June 2023, India’s imports of steel from countries like China and Vietnam grew year over 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.
China accounted for 26.1% of India’s steel imports in June 2022, while Vietnam’s contribution was 1%. However, by June 2023, Vietnam’s part of India’s steel imports had climbed to 4.8%, while China’s import share had reached 37.1%. These developments are essential because India wants to increase its capacity for producing steel to 300 million tonnes and get a large share of the global steel market.
On the other hand, India’s export of finished steel fell to 5.02 LMT, a decrease of 27.6% from May 2023 and 21.3% from June 2022. According to the data, the UK, Mexico, Russia, Italy, Portugal, and Nepal had a larger share of India’s steel exports in June 2023.
On prices of iron ore, it said that the prices of the steel-making raw material were at ₹3,900/tonne in June, unchanged from its May 2023 level.
