China and Vietnam increase share in India's steel imports

Steel imports from India to China and Vietnam rose in June 2023 compared to the same period last year, according to official data. India's total steel imports reached 4.84 lakh metric tons (LMT) in June 2023, reflecting a 5.9% month-on-month increase (MoM) and a 7.6% increase, according to the Ministry of Steel. compared to June 2022.

The ministry said: "The share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the United States increased in India's total steel imports in June 23 compared to June 22."

In June 2022, China accounted for 26.1% of steel imports to India, while Vietnam accounted for 1%.

However, in June 2023, China's share of steel imports to India increased to 37.1%, while Vietnam's share to 4.8%.

This development is significant as India seeks to increase its steel production capacity to 300 million tonnes and Indian players seek to capture a significant share of the global steel markets.

In contrast, finished steel exports from India decreased to 5.02 LMT in June, representing a decrease of 27.6% compared to May 2023 and 21.3% compared to June 2022.

The data also showed an increase in the share of the UK, Mexico, Russia, Italy, Portugal and Nepal in India's steel export basket for June 2023.

As for the price of iron ore, the report said that the price of this raw material for steel production remained unchanged at Rs 3,900 per tonne in June compared to May 2023.