India became a net steel exporter in the year 2013-14 after a gap of six years. Total steel exports by India during the last fiscal year stood at 5.59 million tonnes (MT), as against imports of 5.44 MT according to the Union Steel Ministry. Steel consumption in India grew by 0.6 percent (in 2013-14) to 73.93 MT. About 4.1 percent higher exports and 31.3 percent decline in imports helped India to become a net exporter of steel once again. This trend is likely to continue in 2014-15 as both private and public producers are aiming for more export to compensate for lowered domestic demand. Rashtriya Ispat Nigam Ltd (RINL) exported 1 lakh tonne steel last year. It now has kept a target of tripling this amount in the current fiscal.
The Steel Authority of India (SAIL) had registered a 30 percent growth in exports in 2013-14 and aims to double the shipments to 1 MT in 2014-15. At present India is the fourth largest steel maker. India had been a steel importer from 2007-08 to 2012-13. About 60 percent of the country's total steel demand is made by the Construction sector and about 15 percent is by the automobile sector.