India’s Steel Exports rise 13 per cent in April

NEW DELHI: India’s steel mills began FY24 on a positive note with exports increasing 13 per cent in April as compared to the same month last year while there was a 5 per cent rise in exports sequentially (April vs March).

Finished steel exports in April stood at 0.855 million tonnes (mt), as per provisional numbers available with Steel Ministry. As against this, exports in the year-ago period (April 2022) was 0.761 mt. In March, exports were 0.812mt.

Global markets are still stressed withrespecttoexportoffersandremain volatile,steelmillofficialssay. ImportsUp

However, imports (shipments coming into the country) for the month saw a sharp spike. Imports were up 38 per cent on a YoY basis to 0.46 mt (against0.333mt);whileonasequential basis,importsrose7percent.Importof finishedsteelinMarchwas0.429mt.

“Indiawasanetexporteroffinished steel,”theMinistryreportsaid.