India Turns Net Exporter of Finished Steel in October as Shipments Soar

India became a net exporter of finished steel in October, according to provisional government data reviewed by Reuters. Steel exports stood at 0.6 million metric tons, up 44.7% from the same month last year. Imports, meanwhile, dropped to 0.5 million metric tons, showing a sharp 55.6% decline year-on-year.

Output and Consumption

Domestic production of finished steel rose 10% to 13.4 million metric tons in October, supported by consistent output from major producers. Steel consumption during the same month was 13.6 million metric tons, an increase of 4.7%compared to a year earlier.

Crude Steel Production

India, which is the world’s second-largest producer of crude steel, produced 14.02 million metric tons in October. This marks a 9.4% rise from last year’s output. The steady increase reflects higher plant utilisation and stable operations across the sector.

Trade Balance

The higher export volume and reduced imports pushed India into a net exporter position for finished steel in October. This shift was driven by firm overseas demand and a decline in inbound shipments, which had been higher in the same period last year.

Year-on-Year Comparison

A year ago, India’s steel imports exceeded exports, reversing the current trend. The latest data indicates a clear turnaround in trade numbers, supported by increased local production and a slowdown in import volumes.

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Conclusion

In October, India exported 0.1 million metric tons more finished steel than it imported. Finished steel output reached 13.4 million metric tons, and crude steel production stood at 14.02 million metric tons, both higher than last year. Consumption also continued to rise, showing stable demand in the domestic market.

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