NEW DELHI, April 8 Reuters India was a net importer of finished steel during the 202324 financial year that ended on March 31, according to provisional government data seen by Reuters on Monday.

The country imported 8.3 million metric tons of finished steel between April and March, up 38.1 from a year earlier, the data showed.

India39;s steel mills have called for government interventions and safeguard measures against surging imports. However, the federal Ministry of Steel has resisted calls for curbs, citing strong local demand.

The world39;s secondbiggest crude steel producer remains a bright spot globally with robust demand from its construction and automotive sectors.

Steel consumption in India jumped 13.4 to 136 million metric tons during the period, reflecting buoyant demand for the alloy in one of the world39;s fastestgrowing economies.

India39;s steel demand is likely to stay strong as the government expects economic growth will outpace the global economy in the next fiscal year.

During 202324, India39;s finished steel exports were at 7.5 million metric tons during 202324, up 11.5 on year. Crude steel output stood at 143.6 million metric tons, up 12.9 from a year earlier, data showed.

Finished steel output during 202324 was 138.5 million metric tons, up 12.4 on year, data showed.

Reporting by Neha Arora; Editing by Devika Syamnath

Source Reuters