HomeBusinessIndian steelmakers expect steel prices to rise in January 2023

Indian steelmakers expect steel prices to rise in January 2023


India’s domestic steel demand grew by 11.9% in the first eight months of the 2022/2023 financial year (April-November), according to the ICRA rating agency.

The infrastructure-driven economic strategy that the government used during this period was largely responsible for the increase in domestic demand. However, it is anticipated that domestic steel consumption will decline to 6-7% in fiscal years 2023/24.

At the same time, it is anticipated that with the elimination of export tariffs, the export of rolled products would increase from the lows that were reached in November 2022; however, it is unlikely that it will return to the levels that were reached in the fiscal year 2020/2021.

ICRA reports that due to the restricted expansion potential for steel production in China, Japan, South Korea, the CIS, Europe, and the United States, India’s imports of rolled products are continually expanding despite these countries’ best efforts. The nation was a net importer of rolled products for the two months that immediately followed one another in 2022 (October and November). It is anticipated that during the fiscal year 2023/2024, the quantity of steel goods imported into the Indian market will continue to constitute a major portion of the total.

Steel producers in India anticipate an increase in prices in January 2023 due to an improvement in the worldwide market. Last week, steel companies withdrew their plans and stated that they would submit fresh ones at the beginning of next year. This boosted optimism on the domestic market, which is anticipated to experience an increase in prices beginning in January.

It is essential to keep in mind that India cut its exports of rolled products by 55% year on year for the first eight months of the fiscal year 2022/2003, reaching 4.3 million tonnes. Both a downturn in demand globally and the imposition of export duties on some steel goods were to blame. The nation’s use of steel climbed by 12 percentage points to a total of 75.3 million tonnes after the first eight months of the fiscal year 2022/2003.

The Government of India will begin applying the Customs Tariff and Export Tax Exemption Scheme (RoDTEP) on steel on December 15, 2022. Pipes and other structural materials for trains are included in the plan. These exports will be subject to the RoDTEP, which allows for reimbursing embedded central and local customs levies and taxes until September 30, 2023.

Frontier India News Network
Frontier India News Networkhttps://frontierindia.com/briefs
Frontier India News Network is the in-house news collection and distribution agency.


Please enter your comment!
Please enter your name here

Intel’s new Glass Substrates to Enable 1 Trillion Transistors per Package by 2030

Intel has introduced glass substrates for next-generation advanced packaging, scheduled for the latter half of this decade. It will enable the continued scaling of...

Airport Authority of India inducts two new B-360 aircraft to Enhance Flight Calibration Capabilities

The Airports Authority of India (AAI) has added two new B-360 type aircraft equipped with an advanced state-of-the-art Flight Inspection system to its Flight...

BAS-80: Is Russia’s New Drone a Copycat of the American Switchblade 300?

Russian engineers are creating an assault drone known as BAS-80 that replicates the technical solutions of well-known American drones such as the Switchblade. Evgeniy Duborov,...

Aditya-L1 Spacecraft Ventures Closer to the Sun, Begins studying solar wind particles

The Aditya-L1 spacecraft, which belongs to India and is dedicated to solar study, has started gathering scientific data on the sun. The Indian Space...

India’s LRSAM: A Homegrown S-400 Competitor which can Tip the Balance of Power in the Region

India is taking unique measures to protect itself from the attacks from its surrounding countries. There will be repercussions for China and Pakistan in...