India’s steel imports surged to 593,000 mt in October 2022, up 57 percent year on year and constituting the highest monthly inward shipment total in the last two years, according to data sourced from the ministry of steel on Wednesday, November 16.
The data showed that India’s steel exports in October came to 360,000 mt, making India a net importer.
Granular data showed non-alloyed steel imports during the month came to 364,000 mt, up 69 percent year on year, and alloy and stainless steel imports amounted to 230,000 mt, up 41 percent year on year.
“Considering that international prices are softening and India remains one of the very few countries showing positive demand growth, a lot of ex-Japan and ex-South Korea non-alloy steel is being shipped in, at nil rate of duty. The price differential between imported hot rolled coil (HRC) on landed price basis and domestic trade price is around INR 5,000-7,000/mt ($61-86/mt), which is very attractive for downstream end-users,” an official at a private mill said.