India's steel imports at all-time high

India's steel imports in November hit a record 1.2 million tonnes based on data set available since fiscal 2006, Elara Securities said in a report.

FY23 volume to date has hit a six-year high of 7.0 million tonnes. India was a net importer of steel for the third consecutive month in November.

However, steel prices in China have shown a positive trend in recent times, which should reduce the price gap between India and imported steel products.

Data from the World Steel Association (WSA) shows that global crude steel production recovered slightly in October, up 1 percent year-on-year to 150 million tonnes, driven by a 3 percent year-on-year increase in output for the The rest of the year. world (ROW), while China reported.

India maintained its strong performance with double-digit production growth for the fifth consecutive month. In October, Indian crude steel production increased by 15 percent.

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