The share of countries like China and Vietnam in India's 4.84 LMT steel import basket during June 2023 has increased on a year-on-year (y-o-y) basis, according to official data.
“At 4.84 lakh metric tonne (LMT), India’s overall steel import registered a 5.9 per cent increase on a month-on-month (m-o-m) basis and 7.6 per cent over June 2022,” the Ministry of Steel said.
"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.
Also read: Steel Ministry asks FinMin to consider customs duty on stainless steel imports from China
In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent.
However, in June 2023, the import from China contributed 37.1 per cent and Vietnam's share was 4.8 per cent in India's steel import basket.
The development assumes significance as India has set an ambitious target to increase its steel-making capacity to 300 million tonnes and Indian players eyeing for a significant share in the global steel markets.
While India's export of finished steel fell to 5.02 LMT in June, posting a fall of 27.6 per cent over May 2023, and 21.3 per cent over June 2022.
The share of the UK, Mexico, Russia, Italy, Portugal and Nepal in India's steel exports basket increased in June 2023, the data showed.
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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.