India’s trade deficit (difference between exports and imports) in steel in value terms increased to $516 million in the first two months (April-May) of the fiscal year 2024-25, equal to 47 percent of the deficit of $1.09 billion in the full fiscal year 2023-24, data issued by the ministry of steel shows.
In volume terms, imports during the April-May period were estimated at 1.3 million mt, up 37 percent from the corresponding period of the previous year, while exports came to 0.94 million mt, a decline of 40 percent year on year, the data showed.
Flat products accounted for a 95 percent share of imports, up 42 percent, while non-flat product imports were down 8.9 percent. On the other hand, flat product exports, accounting for 87 percent of total exports, were down by over 42 percent, while non-flat steel exports were down 11 percent, all year on year, according to the ministry’s report.
China continues to be the largest seller of steel to India, displacing traditional markets such as Japan and South Korea. Chinese shipments in the April-May period of 2024 were up 79 percent over the corresponding period of the previous year, valued at $482 million, a rise of 62 percent year on year.