In June 2023, India’s rolled product exports decreased by 21.4% annually, reaching 502,000 tonnes. This indicator is the lowest since December 2022 due to the demand slowdown in Europe and the competition increased from Asian countries.
Rolled product imports into India in June increased by 7.6% year-on-year to reach 484,000 tonnes, the highest number since February.
In June 2023, rolled product production in India increased by 12% year-on-year to reach 10.5 million tonnes, and consumption increased by 13.8% compared to June 2022 to attain 9.9 million.
From April to June (Q1 FY2023/24), the Indian rolled product exports decreased by 6.4% year-on-year to 2.05 million tonnes. In July and August, steel shipment volumes for export are expected to remain subdued, with Global markets entering a seasonal consumption decline period.
From April to June, production increased by 11.7% year-on-year to 32.4 million tonnes and consumption by 10.2% year-on-year to 30.3 million tonnes. The country’s steel production is expected to keep growing as more new capacity will be put into operation this year.
From April to June, import volume increased by 20% year-on-year to 1.4 million tonnes. Lower prices in Southeast Asia encouraged Indian buyers to import from abroad. Imports came from China, Vietnam and Japan.
In April 2023, India’s rolled and semi-finished products exports increased by 13% compared to the same period in 2022, reaching 855,000 tonnes, the highest in 13 months.