Construction Industry News
India's finished steel exports more than halved during the first eight months of the current fiscal year, which began in April, according to the latest government data.
Between April and November, finished steel exports fell 55% to 4.3 million tonnes due to a slowdown in global demand and India's decision to tax some steel shipments.
The export tax was abolished by the government last month, but steelmakers and business leaders predicted it would be difficult for factories to regain their former markets, especially those in Europe.
India, the world's second largest producer of crude steel, was a net exporter of the alloy despite a decline in exports.
India imported 3.8 million tonnes of finished steel in the first eight months of the fiscal year, up 22.5% from a year earlier. Crude steel production increased by 5.6% to 81.9 million tonnes.
The country's finished steel production increased 6.4% to 77.7 million tons, while consumption increased 12% to 75.3 million tons between April and November.
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