According to the most recent official data, India's completed steel exports more than halved over the first seven months of the fiscal year that started in April 2022.
According to the report, finished steel exports decreased by 55% to 4 million tons between April and October as large steel mills delayed shipments after India imposed a high export tax in May and demand declined in key countries.
The second-largest producer of crude steel in the world was a net exporter of the alloy despite a decline in international sales.
Following Russia's invasion of Ukraine, major steelmakers intended to grow their worldwide market share. However, the Indian government hiked export taxes on eight steel intermediates by 15% in May, citing the fact that it made exports less desirable.
Between April and October, consumption increased by 11.4 percent to 65.5 million tons, despite a 6.4 percent increase in completed steel output to 68 million tons.
In comparison to a year before, India imported 3.2 million tons of completed steel during that time. At 71.3 million tons, crude steel output increased 5.3 percent.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only