India's crude steel production rose to 125Mt in the fiscal year ending March 2023, while finished steel exports fell by 50% due to an export duty imposed by the government last year.
Crude steel production in April 2022 - March 2023 increased by 4.2% compared to 120 million tons in the previous year, according to preliminary data from the Joint Works Committee (JPC) of the Ministry of Ferrous Metallurgy.
Production of finished steel during this period increased by 6.8% compared to the previous year to 121 million tons, while consumption increased by 12.7% compared to the previous year to 119 million tons. Finished steel includes alloyed and unalloyed steel.
Finished steel exports fell to 6.72 Mt, down 50% from 13.5 Mt in April 2021-March 2022. Imports of finished steel increased by 29% year on year to 6.02 Mt.
15% export tax on several steel products imposed by the Government of India between May and November 2022 and weaker International demand for steel weighed on exports last year.
Supplies from Russia, Japan, Vietnam, South Korea and China were directed to the Indian market as lower global steel prices made imports attractive.
In March, crude steel production increased by 0.6% year-on-year to 11.2 million tons, while finished steel production increased by 2% to 10.8 million tons. Finished steel consumption increased by 13.2% to 10.9 million tons.
Finished steel exports in March amounted to 812,000 tons, the highest monthly export figure between April 2022 and March 2023 . March shipments were down 32% year-over-year but up 41% month-on-month.
India became a net exporter of steel in March after being net for five consecutive months -importer. Exports are growing steadily since the removal of export duties in mid-November, especially to EU countries.
March imports up 22% yoy to 429,000 tons, but down 28% yoy . Higher international steel prices since the beginning of the year have been holding back new import orders in the country.
Pig iron production between April 2022 and March 2023 increased by 3.4% to 80.9 million tons , and pig iron production decreased by 6.5% to 5.9 million tons. Pig iron production in March rose 1.5% year-on-year to 7.39 million tons, while pig iron production fell 24% last month to 496,000 tons.
