Business

India’s steel exports record double-digit growth in October

NEW DELHI New Delhi: India’s steel exports in October recorded a double-digit growth of 11 per cent over the previous month, indicating better prospects for the sector, according to data compiled by the steel ministry. The country’s steel exports rose to 4.4 million tonnes in October from 4 lakh tonnes in September but imports have come down, which will help domestic steel companies get better prices for their products in the third quarter, a senior official said.

Imports declined during the month for the first time in the current fiscal due to the government imposing a ban on poor quality steel coming from countries such as Vietnam. As a result, steel imports fell 4 per cent to 9.8 lakh tonnes after hitting a peak of 11 lakh tonnes in September, according to official data. According to senior SAIL officials, there has been some improvement in the domestic steel sector, with the price of long products rising by about 2 per cent to Rs 53,000 per tonne compared to September.

Similarly, JSW Steel CEO Jayant Acharya said in an investor call that prices are rising after a sharp drop in imports in September, when imports hit a record high. India’s steel output is expected to reach 152 million tonnes in 2024-25, with an annual growth of 8 per cent, driven by government spending on large infrastructure projects such as highways, ports and railways. Growing urbanisation and a surge in construction activity are also driving demand for steel products.

हिंदी की ताजा खबरें पढने के लिए यहाँ क्लिक करें|

Related Articles

Back to top button
हिंदी की ताजा खबर पढने के लिए यहाँ क्लिक करें|
Bhumi Pednekar’s desi avatar seen Rakul Preet Singh’s bold avatar set the internet on fire Latest Photoshoot of Rachel David Check out the latest photos of Shriya Saran for Hello Mag India awards Rakul Preet Singh Sizzles in Purple Saree Sizzling Photoshoot of Raai Laxmi Glamorous Stills of Huma Qureshi Nora Fatehi Flaunts her Sexy Figure in Transparent Gown Vacation Photos of Chetna Pande Enjoying in her own Style Latest Photoshoot of Samyuktha Menon in White Saree