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India - Net importer of finished steel
April 14 , 2024
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- India has reported a 38 per cent surge in steel imports to 8.319 million tonnes.
- Thus, it becomes a net importer of the commodity during 2023-24 financial year.
- India had imported 6.022 million tonnes (MnT) of finished steel during the preceding 2022-23 fiscal.
- The outbound shipment of steel rose by 11.50 per cent to 7.48 MnT in the last fiscal from 6.71 MnT a year ago.
- The country's crude steel output also rose by 12.40 per cent to 138.48 MnT from 123.19 MnT in 2022-23.
- The consumption of finished steel stood at 135.95 MnT, up 13.40 per cent over 119.89 MnT in the year-ago period.
- Under the National Steel Policy, India aims to scale up its annual steel production capacity to 300 million tonnes by 2030, and per capita steel consumption to 160 kg.
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