KOLKATA: India's steel exports fell 32 percent while imports rose 20.2 percent in fiscal 2015-16 compared to the previous year, according to provisional data released by the government.
"Export of total finished steel was down by 32 percent in 2015-16 at 3.80 million tonnes compared to the last year. Import of total finished steel at 11.20 million tonnes in 2015-16 saw a growth of 20.2 percent compared to the last year," said a report by the Joint Plant Committee.
The committee is the only institution in the country to have been empowered by the steel ministry to collect data on the Indian iron and steel industry.
The report said exports in March 2016 at 0.35 million tonnes declined by 32.4 percent compared to the same month last year but grew 17.1 percent compared to February 2016.
Imports in March 2016 at 0.994 mt increased by 18.2 percent compared to March 2015 and by 9.1 percent compared to February 2016. India was a net importer of total finished steel in 2015-16, the report said.
Production for sale of total finished steel at 91.12 million tonnes registered a decline of 1.1 percent in 2015-16 compared to the previous year. India's consumption of finished steel at 80.27 million tonnes saw a growth of 4.3 percent in 2015-16 compared to the previous year.
"Such growth was mostly led by imports which accounted for 14 percent of total steel consumed by the country during the year, given that production for sale was down by 1.1 percent during this period," the report said.