In the latest press release from the Ministry of Steel of India, it is noted that in January 2021, the country became a net importer of steel for the first time in the current financial year. For the first nine months, the country remained a net exporter. The net trade deficit was 0.06 million tonnes.
According to the ministry, the country continued to be a net exporter of finished steel between April 20 and January 21. Exports of finished steel from the country during this period amounted to 8.84 million tons, a significant increase of almost 23% over the same period last year. Meanwhile, imports fell sharply by about 37% from the previous year to 3.79 million tons.
In January 2021 alone, exports fell 24.6%, while imports were up 22% from the same month a year earlier. Countries that will increase their share of India's total steel imports include Germany, Austria, France and Taiwan. In contrast, the shares of South Korea, China and Japan declined over this period, the ministry said.
Production and consumption of finished steel in the first ten months of the fiscal year were hit hard, mainly due to the impact of Covid-19.
India became a net steel importer for the first time in the current financial period
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Azovpromstal® 26 February 2021 г. 10:50 |
