India became a net importer of steel during the third quarter (October-December) of the fiscal year 2022-23, with inward shipments exceeding overseas sales, according to data sourced from the Joint Plant Committee (JPC) under the ministry of steel on Monday, January 9.
The data showed that total Indian steel imports during the third quarter came to 1.84 million mt while exports were provisionally pegged at 1.14 million mt.
Imports of steel in December were estimated at 653,000 mt, outstripping exports of 442,000 mt, the data showed.
According to a steel sector analyst, moving to become a net importer was a direct fall-out of exports being impacted by the 15 percent export tax in May which was lifted in November, but its impact on reviving exports is yet to be felt by local producers.