New Delhi, Jan 31 (PTI) India remained a net importer of steel even as the industry faced price pressures, the Economic Survey 2024-25 said on Friday.

The decline in export of finished steel during FY25 was mainly driven by gaps between international and domestic prices, the pre-Budget document for the 2024-25 fiscal year said.

Also Read | 8th Pay Commission: Nirmala Sitharaman To Announce Official 8th CPC Implementation Date in Union Budget 2025? Check Details Here.

The survey said India has been a net importer of steel from April to November period of the ongoing financial year, even as companies faced price pressures and lower global prices.

The low price in the international market during this period resulted in a low margin on exports and cheaper imports, it said.

Also Read | Central Bank of India Recruitment 2025: Applications Open for 1000 Credit Officer Posts at centralbankofindia.co.in, Know Steps To Apply.

Capacity utilisation in manufacturing remains above the long-term average, and private sector order books have shown steady growth, alongside a rise in investment intentions.

However, these gains could be tempered by the global excess capacities in sectors such as steel, leading to aggressive trade policies in search of demand, the survey pointed out.

On steel demand in India, the survey said it is expanding at a strong pace, driven by an infrastructure-focused growth strategy.

This growth is further bolstered by significant advancements in key user industries, particularly building & construction, and infrastructure, the document said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)