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The last three months of the financial year 2022-23 proved to be good for the Indian steel sector. During this, India’s steel exports saw a boom as compared to the December quarter. Although the export figures may have improved on a quarterly basis, they are still low when compared to a year ago. This information has come to the fore in the latest figures.
less than a year ago
According to the Joint Plant Committee (JPC) data, exports of finished steel products stood at 1.98 million tonnes during the March quarter. This was about 73 per cent higher than December quarter’s exports of 1.14 million tonnes. However, India’s steel exports remained two-thirds as compared to a year ago i.e. March 2022 quarter.
Effect of this factor
Talking in terms of the entire financial year, the domestic steel sector faced challenges. During the entire financial year 2022-23 i.e. April 2022 to March 2023, 6.72 million tonnes of finished steel products were exported. This is almost half as compared to the year before i.e. FY 2021-22. Export duty has had a negative impact on India’s steel exports during the last financial year. The government had imposed duty on the export of steel in the month of May last year.
Prices had increased in the domestic market
In fact, last year the prices of steel and steel products in the domestic market were on a record high. The government had taken steps to discourage exports to control the rising prices of steel and steel products. For this reason, a fair duty was imposed on the export of steel, so that its proper supply could be ensured in the domestic market.
Improvement started after November
The government had imposed duty on most categories of steel in May 2022. This made the products of Indian steel manufacturers expensive and uncompetitive in foreign markets. When the government decided to remove the duty in November 2022, then after that the export of steel started showing improvement. According to statistics, the export figure in the month of March is the highest for any single month during the entire financial year 2022-23. In the month of March this figure was 8,12,100 tonnes.
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