Why Are Steel and Iron Exported from India?
Strong Steel Production: India has some key advantages when it comes to making steel. It has plenty of iron ore, workers with the right skills, and lower labor costs compared to many other countries. Because of this, Indian companies can produce steel more cheaply than many of their global competitors.
Steel Market Demand: Around the world, more steel is needed because cities are growing, industries are expanding, and new infrastructure like roads and buildings is being built. This rising demand gives Indian steel companies a great opportunity to sell their products to customers in other countries.
Top 10 Steel Exporting Countries in 2024
According to steel export data, the top 10 countries exporting steel are:
| S.No | Top 10 Steel Exporting Countries | Steel Export Data (Million Metric Tons) |
| 1 | India | 12.7 |
| 2 | United States | 6.9 |
| 3 | Russia | 6.6 |
| 4 | South Korea | 5.3 |
| 5 | Germany | 3.5 |
| 6 | China | 88.3 |
| 7 | Japan | 7.2 |
| 8 | Brazil | 2.8 |
| 9 | Iran | 2.8 |
| 10 | Turkey | 3.2 |
China is currently the biggest exporter of steel. However, the list of top exporters keeps changing as market demands and economic conditions shift. With global trade on the rise, the steel industry is expected to become even more dynamic and connected in the future.
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The Significance of EXIM Data Providers in Global Steel Trade
1. Market Trends Analysis
Exim data providers offer in-depth analysis of global steel trade trends. Tracking key players trade volumes, values, and market shares, these insights help stakeholders understand shifting patterns and emerging opportunities.
2. Identifying Key Players
Profiling major steel exporters and importers relies on detailed data encompassing trade volumes, product portfolios, and geographic reach. This information assists businesses in forming strategic partnerships and optimizing supply chains for enhanced efficiency.
3. Forecasting Demand
Historical data analysis and market forecasts facilitate predicting steel demand and supply dynamics. This foresight empowers stakeholders to proactively adapt to changing market conditions and consumer preferences.
4. Navigating Regulatory Changes
Keeping abreast of regulatory shifts and trade policies impacting the steel industry globally is vital. Access to this information helps businesses stay compliant and adjust strategies to align with evolving regulations.
5. Enhancing Decision Making
By offering real-time and accurate data on pricing, shipping routes, and market fluctuations, Exim data providers equip stakeholders with the necessary information to make well-informed decisions, minimizing risks and maximizing opportunities.
Frequently Asked Questions
1. Who is the largest steel exporter in India?
JSW Steel is currently India top steel exporter, driven by its large capacity and global reach.
2. Which countries import steel from India?
India’s steel is mainly exported to Nepal, Italy, Belgium, and the UAE, according to recent trade data.
3. What is the value of steel exports from India?
In the fiscal year 2023, India’s steel and iron exports earned over $13 billion, highlighting strong global demand.
4. Which metal does India export the most?
Steel is India’s top metal export, with 29.5 million tonnes of iron ore valued at ₹1,769 crores.
5. Who imports the most steel into India?
India imports steel, with China being the largest exporter to meet domestic demand.
