India became a net importer of steel for the first time in the current fiscal year in January, according to a note issued by the Ministry of Steel on Thursday, February 25.
In January this year, India’s total steel exports were down by 24.6 percent, while its steel imports increased by 22 percent, both compared to January 2020. On month-on-month basis, exports decreased 15.23 percent and imports increased 13.66 percent, compared to December 2020, the ministry’s note said.
“India was a net exporter of steel during April-December 2020, with a net trade surplus of 5 million mt. However, the progressive unlocking of the economy and improving industrial activity leading to better domestic demand resulted in a decline and moderation of exports and an increase in imports and the country becoming a net importer for the first time in fiscal 2020-21,” the note said.
The shares of Germany, Austria, France and Taiwan in India’s total imports of steel increased in January this year as compared to the corresponding month of the previous year, while imports from South Korea, China and Japan showed a year-on-year decline in January.