India’s domestic steel consumption has increased, while imports have declined over the past three fiscals. Imports in Q1 FY2022 (April-June) were at 1.16mn mt, while exports were at 3.56mn mt, according to the official provisional data. Steel demand in the country is predominantly catered by domestic steelmakers, with 95.3pc of consumption in Q1 consisting of domestic steel, stated a release by Steel Ministry.
Over the past three fiscal years starting from FY2018-19 to FY2020-21, steel imports have steadily declined from 7.84mn mt in FY2018-19 to 4.75mn mt in FY2020-2021. Consumption of domestic steel has increased from 92.1pc in FY2018-19 to 95pc in FY2020-2021.
During the same period, steel export has increased from 6.36mn mt in FY2018-19 to 10.78mn mt in FY2020-2021.
Also, India steel production has exceeded consumption in FY2018-19, FY2019-2020 and FY2020-2021, driving the country to be a net exporter of steel through these years.