New Delhi: India remained a net importer of steel even as the industry faced price pressures, the Economic Survey 2024-25 said on Friday.
The decline in export of finished steel during FY25 was mainly driven by gaps between international and domestic prices, the pre-Budget document for the 2024-25 fiscal year said.
The survey said India has been a net importer of steel from April to November period of the ongoing financial year, even as companies faced price pressures and lower global prices.
The low price in the international market during this period resulted in a low margin on exports and cheaper imports, it said.
Capacity utilisation in manufacturing remains above the long-term average, and private sector order books have shown steady growth, alongside a rise in investment intentions.
However, these gains could be tempered by the global excess capacities in sectors such as steel, leading to aggressive trade policies in search of demand, the survey pointed out.
On steel demand in India, the survey said it is expanding at a strong pace, driven by an infrastructure-focused growth strategy.
This growth is further bolstered by significant advancements in key user industries, particularly building & construction, and infrastructure, the document said.
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