India stayed net importer of steel with the inbound shipments rising over 20 per cent to 8.29 million tonnes during the April-January period of this fiscal, official data showed on Friday. The country had imported 6.89 million tonnes (MT) of steel in the 10-month period of 2023-24 financial year.
"India was a net importer of finished steel. Import of finished steel was at 8.292 MnT, with a year-on-year (y-o-y) growth of 20.3 per cent," according to the data
Against imports, exports have shrunk to 28.9 per cent to 3.994 MT during the said period compared to 5.619 MT in April-January period of preceding fiscal year.
Steel and stainless steel industry players have been consistently raising the issue of import with the government, claiming the surge in inbound shipments from select group of countries including China has affected their competitiveness.
Source Name : Economic Times