India became a net exporter of finished steel in October, with exports reaching 0.6 million tons, an increase of 44.7% compared to the same period last year, according to preliminary government data reviewed by Reuters.
India, the world’s second-largest producer of crude steel, imported 0.5 million tons of finished steel products in October — a 55.6% decline from the same period a year earlier.
The country produced 13.4 million tons of finished steel products in October, marking a 10% year-on-year increase, while total domestic consumption stood at 13.6 million tons, up 4.7% compared to October last year.
This shift in the steel trade balance underscores the strength of domestic production and its responsiveness to external market demand, as India’s crude steel output reached 14.02 million tons in October, representing a 9.4% year-on-year growth.
