Image Source : PTI China, Vietnam’s share in India’s metal import basket rose throughout June 2023: Data
The share of nations like China and Vietnam in India’s 4.84 LMT metal import basket throughout June 2023 has elevated on a year-on-year (y-o-y) foundation, in response to official information.
At 4.84 lakh metric tonne (LMT), India’s general metal import registered a 5.9 per cent enhance on a month-on-month (m-o-m) foundation and seven.6 per cent over June 2022, the Ministry of Steel stated.
“Share of China, Japan, Vietnam, Saudi Arabia, Russia, Nepal and the USA increased in total steel imports of India in June ’23 as compared to June 22…,” it stated.
In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent.
However, in June 2023, the import from China contributed 37.1 per cent and Vietnam’s share was 4.8 per cent in India’s metal import basket.
The growth assumes significance as India has set an formidable goal to extend its metal making capability to 300 million tonnes and Indian gamers eyeing for a big share within the world metal markets.
While India’s export of completed metal fell to five.02 LMT in June, posting a fall of 27.6 per cent over May 2023, and 21.3 per cent over June 2022.
The share of the UK, Mexico, Russia, Italy, Portugal and Nepal in India’s metal exports basket elevated in June 2023, the information confirmed.
On costs of iron ore, it stated that the costs of the metal making uncooked materials have been at Rs 3,900/tonne in June, unchanged from its May 2023 degree.
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Source: www.indiatvnews.com
