India's steel imports from China, Vietnam up by 41% in June 2023

 

India's steel imports from China, Vietnam up by 41% in June 2023

India is the second largest steel producer in the world. Globally, India is ranked 11th leading steel importer in the world. Whereas, India is the 12th leading steel exporter worldwide. According to the India import export data, around $17 billion worth of iron and steel imports were made by India in the fiscal year 2022. Whereas, in 2021, it was around $8.9 billion .

China, Japan, UAE and Vietnam are the most favoured markets for India’s steel imports. As per the latest India customs data reports, iron & steel imports from China and Vietnam have increased significantly. The overall iron and steel imports by China and Vietnam were totaled to be 4.8 lakh metric tonnes. Also, Japan, Saudi Arabia, Nepal, Russia and the United States of America had increased by a significant amount. 


Recently, in June 2023, China steel exports to India rose to 37% as compared to 26% in June 2022, the increase was quite large. China was the second leading steel exporter to India with over 60% share. Whereas, during April and May, imports from China were estimated to be 0.9 MMT with a 27% increase. 


Whereas, imports from Vietnam increased by 4% while it was 1% in 2022. India import data of 2022 suggests that around $198 million worth of iron and steel was imported by India from Vietnam. Scrap iron was the most exported product from Vietnam to India with over $100 million worth. Stainless steel, flat iron roll, ferro-alloys, bars and rods are other major imports by India from Vietnam.


In terms of iron and steel exports, India had exported around 5 lakh million tonnes of finished products. India's iron and steel exports are declining by 27% consecutively during May and June. In the fiscal year 2022, around $23 Billion worth of iron and steel exports were recorded by India. It was 85% more as compared to $12 billion in 2021.


According to India export data reports, the top steel importers from India are the United Kingdom, Russia, Mexico, Italy, Nepal and Portugal during this period. The United States, UAE, Netherlands, China and Australia were the top destinations for India's iron steel exports in FY 2022.  


On the other hand, in terms of iron and steel articles, India was ranked 11th largest exporter. In 2022, India's iron and steel articles exports were estimated to be around 8.6  billion dollars. India exports mostly to the USA, UK, UAE, Germany, Italy, Netherlands, Saudi Arabia, Nepal and Oman.  Whereas, India's iron and steel articles imports totaled 5.6 billion dollars. China was the leading exporter of iron and steel articles with over 40% share in India's total iron and steel articles exports.


Those who are looking to find opportunities in India’s iron and steel industry, can take a data driven approach to expand their sales. Exim Global import export data provider reports are the best way to fetch opportunities in India’s iron and steel sector. 


You can explore over 200+ markets and analyze your business potential. Through this portal, you can find potential iron and steel buyers from India and all over the globe. Based on their purchasing behaviour, you convert them into your leads.

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