JUNE 20249TOP STORIESSTEEL IMPORTS HIT FIVE-YEAR HIGH, 19.8 PERCENT INCREASE FROM 2023EV SALES SKYROCKET BY 40 PERCENT IN 2024: JMK RESEARCHIndia's finished steel imports have surged to a five-year high in the first two months of the fiscal year starting in April, according to provisional government data accessed by Reuters. The country, which remains a net importer of steel, saw imports reach 1.1 million metric tons between April and May, a 19.8 percent increase from the previous year.India, the world's second-largest crude steel producer, has experienced strong steel demand fueled by robust growth in the construction and automotive sectors. This demand surge has made India a bright spot in the global steel market, attracting both domestic and international steel producers. Despite the rising imports, the Federal Ministry of Steel has resisted calls from local steel mills for government interventions and safeguard measures, citing strong domestic demand.China has been a significant exporter of steel to India in recent months, alongside South Korea. Major Indian steel producers, including Tata Steel, have expressed concerns over the growing volume of Chinese steel imports. In contrast, India's finished steel consumption jumped 10.5 percent to a six-year high of 23 million tons in April-May, reflecting the buoyant demand for steel in one of the world's fastest-growing economies.Conversely, India's finished steel exports have declined to their lowest level in at least six years. Between April and May, overseas shipments of steel totaled 0.9 million tons, down 39.6 percent year-on-year. This decline in exports highlights the shifting dynamics of the global steel market and India's growing importance as a steel consumer. The sale of electric vehicles (EVs) in India surged by 40.31% in FY2024, reaching a total of 1,752,406 units, according to a report by JMK Research & Analytics. The primary drivers of this growth were electric two-wheelers (E2Ws) and electric three-wheelers (E3Ws), which together accounted for 94 percent of all EV sales.Leading the charge was the electric two-wheeler segment, with sales of 1,009,356 units. This represents a 29 percent year-on-year growth, capturing 57.60 percent of the total EV sales in FY2024. The surge in E2W sales can be attributed to increased consumer awareness and the introduction of advanced models that are comparable to internal combustion engine (ICE) vehicles.Electric three-wheelers also experienced substantial growth, with sales rising by 56 percent year-on-year to 634,969 units in FY2024. This segment boasts a remarkable 52.34% EV penetration in the three-wheeler category. The report highlighted that favorable cost economics, increasing logistic demand, and enhanced last-mile mobility have been key drivers of growth in this segment.Electric buses (E-Buses) exhibited the highest year-on-year growth among all segments, with sales totaling 3,708 units, an 85% increase. However, the report noted that the overall level of electrification in the bus sector has stayed relatively consistent over the past few years.Karnataka emerged as a leader in multiple EV categories. The state-led in E2W penetration with 11.63 percent, the E-Car category with 4.24 percent, and the E-Bus category with 9.77 percent electrification among the top five states.This data reflects the growing adoption and acceptance of electric vehicles in India, driven by favorable economics, technological advancements, and increasing environmental awareness among consumers.
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