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India becomes steel net importer in Jul

9 Aug 2022 16:55 reported by Stanley Wang

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India’s exports dropped to a record low over the past three years, becoming the net importer of steel due to a 15% export duty.

In July, India imported finished steel increased by 8.4% to about 444,000 tons year on year. On the contrary, the exports dropped by 75% year on year and decreased by 41% month on month to 380,000 tons. This was the first time India’s finished steel imports exceeded exports from January 2021.

In the second quarter, India’s finished steel exports plunged by 49.3% to 2.57 million tons year on year. Meanwhile, the imports totaled 1.62 million tons, increasing by 3.1% compared to the same period of last year.

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