According to data compiled by the Steel Ministry, India’s steel exports in October recorded a double-digit rose of 11 percent over the previous month, indicating better prospects for the sector.
Inflation in steel exports
The country’s steel exports rose to 4.4 million tonnes in October from 4 million tonnes in September while imports downgraded, which will help domestic steel companies get better prices for their products in the third quarter, a senior official report.
Imports slowed during the month for the 1st time in the current fiscal year, as the government banned poor quality steel coming from countries like Vietnam.
Reforms in the domestic sector
As a result, steel imports fell 4 percent to 9.8 lakh tonnes, from a peak of 11 lakh tonnes in September, according to official data.
According to senior SAIL officials, there has been some increment in the domestic steel sector, with prices of long products increasing by about 2 percent to Rs 53,000 per tonne compared to September.
Similarly, JSW Steel CEO Jayant Acharya said that in an investor interaction that prices are rising after a sharp downfall in September, when imports hit a record high.
India’s steel output is expected to reach 152 million tonnes in 2024-25, with an annual inflation of 8 percent, driven by government spending on large infrastructure projects such as highways, ports and railways. Growing urbanisation and a upsurge in construction activity have also fuelled demand for steel products.
