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India exports 3.15 MT finished steel during April-November 2024-25

18 Dec 2024 Evaluate

India has exported 3.15 million tonnes (MT) (Provisional) of finished steel during April-November 2024-25. In 2023-24, finished steel exports stood at 7.49 MT as compared to 6.72 MT in 2022-23, i.e. up by 11.46%. On the other hand, India has imported 6.51 MT (Provisional) of finished steel during April-November 2024-25. Imports of finished steel in 2023-24 stood at 8.32 MT as against 6.02 MT in 2022-23, up by 38.20%. The share of Free Trade Agreement (FTA) countries in overall import was 60% in FY 2023-24 and 63% (Provisional) during the current year i.e., April-November 2024-25.

In 2023-24, production and consumption of finished steel was 139.15 MT and 136.29 MT, respectively. Steel is a deregulated sector, and the role of the Government is that of a facilitator. Export of steel is dependent on factors such as global market conditions, demand and supply, cost of input raw materials such as iron ore, coking coal etc. which are market linked. Government regularly monitors the overall steel scenario including exports, imports, prices etc.

The Government has taken various steps to enhance competitiveness of India Steel Industry. In the Union Budget 2024-25, Basic Customs Duty (BCD) has been reduced from 2.5% to Nil on Ferro-Nickel and Molybdenum ores and concentrates which are raw materials for steel industry. BCD exemption on Ferrous Scrap and specified raw material for manufacture of CRGO steel has been continued upto March 31, 2026.

The government has introduced Steel Quality Control Order thereby stopping import of sub-standard/ defective steel to ensure the availability of quality steel to the industry, users and public at large. As per the order, it ensured that only quality steels conforming to the relevant BIS standards is made available to the end users. As on date, 151 Indian Standards stands notified under the Quality Control Order covering carbon steel, alloy steel and stainless steel.

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