According to official data, the share of countries like China and Vietnam in India’s 4.84 LMT steel import basket during June 2023 increased on a year-on-year (y-o-y) basis.
The steel ministry said that at 4.84 lakh metric tonnes (LMT), India’s total steel imports registered a growth of 5.9 per cent on month-on-month basis and 7.6 per cent over June 2022.
It added, “The share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the United States increased in India’s total steel imports in June 23 as compared to June 22.”
In June 2022, imports from China were 26.1 percent and 1 percent from Vietnam.
However, in June 2023, the contribution of imports from China to India’s steel import basket was 37.1 per cent and that of Vietnam was 4.8 per cent.
The development assumes significance as India has set an ambitious target of increasing its steelmaking capacity to 300 million tonnes and Indian players are eyeing a significant share of the global steel markets.
While India’s finished steel exports fell to 5.02 LMT in June, registering a decline of 27.6 per cent over May 2023 and 21.3 per cent over June 2022.
The data shows that the share of UK, Mexico, Russia, Italy, Portugal and Nepal in India’s steel export basket increased in June 2023.
On iron ore prices, it said the prices of the steel-making raw material stood at Rs 3,900 per tonne in June, unchanged from May 2023 levels.
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