Posted 1/6/2024, 12:30:26 AM
India's Booming Steel Production Still Relies on Imports Amid Global Oversupply
- Steel production in India has increased 12.9% year-over-year, but imports are still rising due to excess global capacity and lower international prices
- Imports are just 5 million tons out of 128 million tons of total steel production and 122 million tons of domestic steel consumption
- The government is not too worried right now, but continued growth in imports could become a bigger concern
- The construction industry is fueling strong 15% year-over-year growth in Indian steel demand
- Experts say India's trade deficit may only reduce once Chinese steel exports decline as domestic demand there recovers