<p>The share of countries like China and Vietnam in India's 4.84 LMT steel import basket during June 2023 has increased on a year-on-year (y-o-y) basis, according to official data.</p>.<p>At 4.84 lakh metric tonne (LMT), India's overall steel import registered a 5.9 per cent increase on a month-on-month (m-o-m) basis and 7.6 per cent over June 2022, the Ministry of Steel said.</p>.<p>"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 said.</p>.<p>In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent.</p>.<p>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 steel import basket.</p>.<p>The development assumes significance as India has set an ambitious target to increase its steel making capacity to 300 million tonnes and Indian players eyeing for a significant share in the global steel markets.</p>.<p>While India's export of finished steel fell to 5.02 LMT in June, posting a fall of 27.6 per cent over May 2023, and 21.3 per cent over June 2022.</p>.<p>The share of the UK, Mexico, Russia, Italy, Portugal and Nepal in India's steel exports basket increased in June 2023, the data showed.</p>.<p>On prices of iron ore, it said that the prices of the steel making raw material were at Rs 3,900/tonne in June, unchanged from its May 2023 level.</p>
<p>The share of countries like China and Vietnam in India's 4.84 LMT steel import basket during June 2023 has increased on a year-on-year (y-o-y) basis, according to official data.</p>.<p>At 4.84 lakh metric tonne (LMT), India's overall steel import registered a 5.9 per cent increase on a month-on-month (m-o-m) basis and 7.6 per cent over June 2022, the Ministry of Steel said.</p>.<p>"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 said.</p>.<p>In June 2022, the import from China was 26.1 per cent and Vietnam was 1 per cent.</p>.<p>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 steel import basket.</p>.<p>The development assumes significance as India has set an ambitious target to increase its steel making capacity to 300 million tonnes and Indian players eyeing for a significant share in the global steel markets.</p>.<p>While India's export of finished steel fell to 5.02 LMT in June, posting a fall of 27.6 per cent over May 2023, and 21.3 per cent over June 2022.</p>.<p>The share of the UK, Mexico, Russia, Italy, Portugal and Nepal in India's steel exports basket increased in June 2023, the data showed.</p>.<p>On prices of iron ore, it said that the prices of the steel making raw material were at Rs 3,900/tonne in June, unchanged from its May 2023 level.</p>