According to the most recent official data, India's completed steel exports decreased by more than half during the first eight months of the current fiscal year, which started in April.
Between April and November, finished steel exports fell by 55% to 4.3 million tons as a result of a downturn in global demand and India's decision to tax some steel shipments.
The export tax was abolished by the government last month, but steel producers and business leaders predicted that it would be difficult for mills to reclaim their old markets, especially those in Europe.
India, the second-largest producer of crude steel in the world, was a net exporter of the alloy despite a decline in exports.
In the first eight months of its fiscal year, India imported 3.8 million tons of completed steel, up 22.5 percent from a year earlier. To 81.9 mln tons, crude steel output increased by 5.6 percent.
Between April and November, the nation's output of finished steel increased by 6.4 percent to 77.7 million tons, while its consumption increased by 12 percent to 75.3 million tons.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only