India Steel Market Shipment Analysis
India Steel Market registered a growth of 14.14% in value shipments in 2022 as compared to 2021 and an increase of 11.75% CAGR in 2022 over a period of 2017. In Steel Market India is becoming more competitive as the HHI index in 2022 was 502 while in 2017 it was 545. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market. India has reportedly relied more on imports to meet its growing demand in Steel Market.
India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of Steel Market in 2022 was 13.94 while in 2017 it was 12.09. USA, United Arab Emirates, Singapore, Malaysia and Netherlands were among the top players of the market in 2022, where USA acquired the largest market share of 11.11% with a shipment value of 302.61 million USD in 2022 USA also offered the product below the average market price thus having a competitive advantage over others In 2017 Rep. of Korea had the largest market share of 9.6% with the shipment value of 117.54 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although Rep. of Korea offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the India Steel Market in 2017.
