Kochi: India’s steel exports fell to a five-year low in the fiscal year ended March as global demand and export taxes hit.
India, the world’s second largest producer of crude steel, is expected to export 6.7 million tonnes for the 2022-23 financial year. A 50.2% decline has been recorded this year.
Major steelmakers reported a drop in profits in the December quarter after the government imposed an export tax in May last year. Export tax was withdrawn in November.
Meanwhile, India’s imports last financial year hit a four-year high of 6 million tonnes.
At the same time, India’s crude steel production reached a record high of 125.32 million tonnes in 2022-23.
