India turns net importer of steel again in October

India turned a net importer of steel for the second time in four months in October, while exports plummeted to a more-than-three-year low.

Imports of finished steel last month rose to the highest since October 2019 at 593,000t, and were higher by 19pc on the month and 57pc against the previous year, provisional data from the steel ministry's joint plant committee (JPC) show. Finished steel comprises alloyed and non-alloyed steel.

India become a net importer of steel in July for the first time since January 2021.

Imports have picked up in recent months as global prices are at a discount to domestic prices. Most imports to the country in April-September were recorded from South Korea, China, Japan and Russia.

Meanwhile, finished steel exports in October touched their lowest since June 2019 at 360,000t, data shows. Shipments plunged 66pc on the year and 38pc on the month.

Lower price realisations in the export market, coupled with weaker global demand and competitive offers amid the 15pc export tax kept Indian exports limited last month.

Production of finished steel held flat on the year and increased by 2pc on the month at 9.85mn t last month, while consumption increased by 11pc against the previous year and 7pc on the month to 10.1mn t.

Crude steel production in October rose by 0.6pc on the year and was up by 3.7pc on the month at 10.2mn t. Hot metal production rose by 2.6pc on the year at 6.57mn t, while pig iron output rose by 14pc to 483,000t.

By Sumita Layek