India’s rolled products exports fell by 54% y/y in the first half of FY2022/2023

During the first half of the 2022/2023 financial year, exports of rolled products from India fell by 54% y/y – to 3.6 million tons. SteelOrbis reports about it with the reference to data from the Joint Factory Committee (JPC).

Steel production by Indian steel mills in April-September 2022 increased by 7% compared to the same period last year – up to 61.45 million tons.

Domestic steel consumption in India increased by 11% y/y in the first half of FY2022/2023, according to JPC, – up to 55.3 million tons.

SteelMint writes, that the Indian steel company Tata Steel reported about more than 20% rise in sales in the second quarter of FY2022/2023 (July-September) compared to the first quarter – to 4.9 million tonnes. Sales increased due to improved demand in the infrastructure, oil and gas and automotive sectors. Steel production by the company in this period decreased by 2% q/q – to 4.81 million tons.

As GMK Center reported earlier, in August 2022, according to the data of the Joint Factory Committee, exports of rolled products from India fell by 66% y/y – to 454,000 tons. At the same time, steel production in India in August 2022 increased by 2% compared to August 2021 – up to 10.3 million tons. This indicator increased for seventeen months in a row.

As GMK Center reported earlier, the Indian government has set up two advisory committees to solve problems in the steel industry and achieve the goal of 300 million tons of steel capacity by 2030. The members of the committees are representatives of the steel industry, associations, academia and officials. The Indian Ministry of Steel is actively interacting with all stakeholders and holding consultations with them to finalize the program document for the development of the steel industry.