India is continuously setting flags in the steel sector. The special thing is that India’s steel export has increased by more than 36 percent in the 11 months of the current financial year. Besides, India has also reduced the import of steel considerably. If we look at the figures, there has been a huge decline in steel imports in 11 months. This decline in imports has been seen by more than 37 percent. There has also been a rise in consumption. Let us also tell you what kind of figures have come out regarding export and import of steel.
Increase in steel exports
Reuters report has reviewed India’s steel export and import. According to a Reuters report, India’s finished steel exports have seen tremendous growth in the first 11 months of the financial year. If we look at the figures, there has been a year-on-year increase of 36.6 percent in finished steel exports. After which India’s steel export of this category increased to 6.02 million metric tons. If experts are to be believed, further increase in this export may be seen in the coming days.
decrease in imports
On the other hand, India has seen a huge decline in finished steel imports. Data reported by Reuters showed that India, the world’s second largest crude steel producer, imported 5.6 million metric tons of finished steel during April-February. This means that this import has decreased by 37.4 percent year-on-year. According to experts, India has increased production in steel. Due to which there has been a reduction in imports from India. There may be further reduction in steel imports in the coming days.
Increase in production
According to Reuters report, a good increase has been seen in the production of steel. The report said that India’s crude steel production increased by 11.2 percent year-on-year to 153.61 million metric tons in the same period. The data showed that finished steel consumption increased by 7.2 percent to 147.7 million metric tons during this period. The government will give country-wise trade details at the end of the month.