According to the most recent government data, India's finished steel exports more than halved during the first eight months of the current fiscal year, which started in April.

Between April and November, finished steel exports fell by 55% to 4.3 million tonnes as a result of a slowdown in global demand and India's decision to tax some steel shipments.

The export tax was abolished by the government last month, but steelmakers and business leaders predicted that it would be difficult for mills to reclaim their previous markets, especially those in Europe.

India, the second-largest producer of crude steel in the world, was a net exporter of the alloy despite a decline in exports.

India imported 3.8 million tonnes of finished steel in the first eight months of its financial year, up 22.5% from a year earlier. Crude steel production jumped 5.6% to 81.9 million tonnes.

The country's finished steel output rose 6.4% to 77.7 million tonnes, while consumption went up by 12% to 75.3 million tonnes between April and November.

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