India’s steel exports record double-digit growth in October

NEW DELHI New Delhi: India’s steel exports in October recorded a double-digit growth of 11 per cent over the previous month, indicating better prospects for the sector, according to data compiled by the steel ministry. The country’s steel exports rose to 4.4 million tonnes in October from 4 lakh tonnes in September but imports have come down, which will help domestic steel companies get better prices for their products in the third quarter, a senior official said.

Imports declined during the month for the first time in the current fiscal due to the government imposing a ban on poor quality steel coming from countries such as Vietnam. As a result, steel imports fell 4 per cent to 9.8 lakh tonnes after hitting a peak of 11 lakh tonnes in September, according to official data. According to senior SAIL officials, there has been some improvement in the domestic steel sector, with the price of long products rising by about 2 per cent to Rs 53,000 per tonne compared to September.

Similarly, JSW Steel CEO Jayant Acharya said in an investor call that prices are rising after a sharp drop in imports in September, when imports hit a record high. India’s steel output is expected to reach 152 million tonnes in 2024-25, with an annual growth of 8 per cent, driven by government spending on large infrastructure projects such as highways, ports and railways. Growing urbanisation and a surge in construction activity are also driving demand for steel products.