THE IMPORT EXPORT BUSINESS OF STEEL IN INDIA



When it comes to the import-export business of India, steel plays a very important role. India is very popular in the production of steel. India is actually the second-largest producer of steel in the world. If we talk about the year 2018, then steel production in India was at 106.5 MT. The production of steel has grown rapidly in the last few years in India. And the credit behind this massive growth goes to the availability of raw iron or iron ore in the country and of course, the available number of cost-effective manpower in the procedure of production of steel. As a result, the steel sector in India has become one of the biggest donors, when it comes to the manufacturing output of India.

When it comes to the year 2019, then the ability of the production of steel in India has expanded about 137.97 million tonnes. Earlier, Japan was the second-largest producer of steel. However, in the year 2019, India has exceeded Japan and became the second-largest producer of steel around the world. The crude steel production in India in the year 2019 was 111.2 million tonnes. India has one of the most modern steel industries around the world, along with the most updated and latest style of mills of steel production in the country. The steel production sector of India has always tried for the latest modernization and the continuous up-gradation of the older plants of steel production and always try to work with the high levels of energy efficiency.

The steel industry of India is further categorized into three sectors such as the major producers of steel, the main producers of steel, and the secondary producers of steel. When it comes to the size of the steel market in India, then during the fiscal year 2008 to the fiscal year 2019, the percent of the consumption of steel in India has grown at a rate of CAGR 7.5 percent and has reached at 97.54 million tonnes. The production of the crude steel in India and the production of the finished steel in India have increased and reached at 106.56 million tonnes and at 131.57 million tonnes respectively during the fiscal year of 2018 to the fiscal year of 2019. However, due to the outbreak of coronavirus pandemic across the whole world, the production of the crude steel and the production of the finished steel in India, only till the February of fiscal year 2020, we're standing at 100.78 million tonnes and 94.01 million tonnes respectively.

If we talk about the exporting of steel from India across the globe, then during the year 2018 to 2019, the exportation of steel was about 6.36 million tonnes in India. Again, up to February, in the fiscal year 2020, the exporting of finished steel in India was 7.78 million tonnes and the importing of finished steel in India was 6.39 million tonnes. The largest importer of steel in the world is the United States and in the year 2018, the steel imported by India was a bit more than one-quarter of the United States. The importing of steel in India is from more than 160 countries and territories across the world. Between the year 2014 and 2016, India was considered to be the net importer country of steel. However, as of 2018, India has become the net exporter country of steel.

Eximine is here to help you in providing the latest updates in terms of the import export market of the world. Eximine Services is a market research company and we provide the latest information about the trading market and the import export data of about every country in the world.
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Location: India

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