China, Vietnam's share in India's steel import basket rises in June; export of finished steel falls

The share of countries like China and Vietnam in India's 4.84 LMT steel import basket during June 2023 has increased on a year-on-year (y-o-y) basis, according to official data. At 4.84 lakh metric tonne (LMT), India's overall steel import registered a 5.9 per cent increase on a month-on-month (m-o-m) basis and 7.6 per cent over June 2022, the Ministry of Steel said.

"Share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the USA increased in total steel imports of India in June '23 as compared to June 22...," it said.

In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent.

However, in June 2023, the import from China contributed 37.1 per cent and Vietnam's share was 4.8 per cent in India's steel import basket.

The development assumes significance as India has set an ambitious target to increase its steel making capacity to 300 million tonnes and Indian players eyeing for a significant share in global steel markets.

While India's export of finished steel fell to 5.02 LMT in June, posting a fall of 27.6 per cent over May 2023, and 21.3 per cent over June 2022.

The share of the UK, Mexico, Russia, Italy, Portugal and Nepal in India's steel exports basket increased in June 2023, the data showed.

On prices of iron ore, it said that the prices of the steel making raw material were at Rs 3,900/tonne in June, unchanged from its May 2023 level.