China, Vietnam increase share in India's steel imports in June 2023

China and Vietnam's Indian steel imports rose in June 2023 compared to the same period last year, official data shows. India's overall steel import reached 4.84 lakh metric tonnes (LMT) in June 2023, reflecting a 5.9 per cent month-on-month (m-o-m) increase and a 7.6 per cent increase over June 2022, according to the Ministry of Steel.

The ministry stated: "The share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal, and the USA increased in India's total steel imports in June '23 compared to June '22."

In June 2022, China accounted for 26.1 per cent of India's steel imports, while Vietnam's share was 1 per cent.

However, in June 2023, China's share in India's steel imports increased to 37.1 per cent, and Vietnam's share rose to 4.8 per cent.

This development is significant as India aims to expand its steel production capacity to 300 million tonnes and Indian players aspire to capture a significant share in the global steel markets.

In contrast, India's export of finished steel declined to 5.02 LMT in June, representing a decrease of 27.6 per cent compared to May 2023 and 21.3 per cent compared to June 2022.

The data also revealed an increase in the share of the UK, Mexico, Russia, Italy, Portugal, and Nepal in India's steel export basket for June 2023.

Regarding iron ore prices, the report stated that the prices of this steel-making raw material remained unchanged at Rs 3,900/tonne in June compared to May 2023.

(With PTI Inputs)