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| Name | Five Major Developments Indian Steel Industry Witnessed in 2022 | SteelMint Vlogs |
| Video Uploader | Video From BigMint |
| Upload Date | This Video Uploaded At 12-01-2023 07:53:03 |
| Video Discription | The year 2022 was an eventful one for the Indian steel industry. There were certain events and developments that changed trade headwinds and impacted demand and the price trends. #Steel #IronOre #SteelMintVlogs Five major developments Indian steel industry witnessed in 2022 were: - The country’s steel exports dropped by a steep 45% to 10 mnt in 2022: Among the major reasons that dragged down steel exports – first was the Russia-Ukraine war that erupted on 24 February which resulted in global slowdown in demand and second was the export tax imposed by the government on 22 May that capped export opportunities for Indian steelmakers. In addition, lack of appetite for both flats and longs from Southeast Asian counties affected steel exports. - Positive growth in India’s crude steel output: The country’s crude steel production rose 6% to around 124 mnt despite its intermittent production cuts due to subdued-to-moderate demand throughout the year. Surprisingly, India was the only country among world’s top 10 steel producing countries which saw a positive growth in crude steel output in 2022. - Indian ferrous scrap imports hit a 6-year high level: Scrap imports into the country stood at around 7 mnt in 2022, hitting a 6-year high level. India became the second-largest ferrous scrap importer in 2022, nudging its way up from 9h position in 2021. This happened mainly because the bulk cargo which found no takers in the traditional markets, had ready buyers in India, who drove a hard bargain. - Resumption of Karnataka’s iron ore exports after a gap of 10 years: Exports from Karnataka were banned in 2012 by the Supreme Court, which was in effect till May this year. The apex court on 20 May 2022 lifted curbs on iron ore exports from the state and eased all restrictions on sales. As per a recent update, a leading miner in the state is planning to export a capesize vessel of iron ore fines for which the material is already in the process of being transported to Krishnapatnam Port. - Start of Goa iron ore auctions: The mines in Goa remained closed after a 2018 Supreme Court ruling prohibiting mining in the state. Before the ban was imposed, Goa was the fifth largest iron ore producing state. For more such informational video content, subscribe to our channel. W3ONspEDcwM |
| Category | People & Blogs |
| Tags | steel | iron ore | ferrous scrap | steel industry | steelmint | steelmint vlogs | steel exports | crude steel | auctions |
