India's steel exports saw an impressive 11 percent growth in October, compared to the previous month, signaling a positive outlook for the sector, according to data from the Ministry of Steel. The country exported 4.4 million tonnes of steel in October, up from 4 million tonnes in September.
At the same time, imports of steel into India declined, a trend that is expected to benefit domestic steel producers by allowing them to command better prices in the third quarter, as stated by a senior official. This marks the first slowdown in imports during the current financial year, following government-imposed restrictions on low-quality steel imports, particularly from countries like Vietnam. Official data shows that imports dropped by 4 percent to 980,000 tonnes in October, down from 1.1 million tonnes in September.
Officials from Steel Authority of India Limited (SAIL) have noted improvements in the domestic steel sector, with long product prices rising by approximately 2 percent to Rs 53,000 per tonne compared to the previous month. Similarly, JSW Steel CEO Jayant Acharya highlighted that steel prices are increasing after a sharp decline in September when imports had surged to a record high.
India’s steel production is expected to reach 152 million tonnes in the fiscal year 2024-25, marking an 8 percent annual growth. This growth is driven by increased government spending on major infrastructure projects, such as highways, ports, and railways, along with rising urbanization and a boom in construction activity, which is expected to further boost steel demand.
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