India's steel exports saw a double-digit growth of 11 percent in October compared to the previous month, according to data compiled by the Ministry of Steel, which indicated an improved outlook for the sector.
The country's steel exports increased to 4.4 million tonnes in October, as compared to 4 lakh tonnes in September. Simultaneously, imports declined, which would help steel companies fetch better prices for their products in the third quarter, said a senior official.
Imports had slowed down for the first time during the current financial year with the government imposing restrictions on imports of poor quality steel from countries like Vietnam. As a result, steel imports declined by 4 percent to 9.8 lakh tonnes against the 11 lakh tonnes recorded in September, government figures said.
The senior officials at SAIL commented that improvement is seen in the steel sector of India with long products going up by around 2 per cent to Rs 53,000 per tonne from September.
Same is the case with Jayant Acharya, CEO of JSW Steel, during the investor call who said that the price is on the increase post the sharp decline it experienced in September when imports have risen to a record high.
Steel production in India is expected to rise to 152 million tonnes in the fiscal year 2024-25 as annual growth climbs to 8 per cent given expenditure on large infrastructure projects, including highways, ports, and railways, by the government. Urbanization and construction activities will drive demand for steel products.
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