India’s finished steel imports during the April-December period of fiscal year 2023-24 have been estimated at 5.6 million mt, a five-year high, according to the provisional data released by the ministry of steel on Wednesday, January 31.
According to the ministry, steel imports during April-December 2023-24 were 26.4 percent higher than in the corresponding period of the previous fiscal year.
Domestic steel consumption was estimated at 100 million mt during the period, marking a growth of 14.8 percent, a six-year high, the ministry data showed.
Highest imports at 1.77 million mt were sourced from South Korea, followed by 1.75 million mt from China.
India’s finished steel exports during the April-December period have been estimated at 4.7 million mt, the lowest in the corresponding periods in the past six years.
Crude steel production in the given period came to 106.10 million mt, a rise of 13.9 percent year on year, the data showed.