Tanzania to import more steel from India: Reports

 

Tanzania is an import reliant country. Tanzania fulfils its infrastructure, development, finance and food demand via imports. Similarly, to develop its infrastructure, Tanzania makes steel imports. According to the Tanzania import data, around Tanzania had imported around $851 million worth of exports during 2022.The country's majority of the steel imports were from China, South Africa, and Japan.

As Tanzania is looking to extend its iron and steel imports, it's a great opportunity for Indian iron and steel companies to export their products in the Tanzanian market. The Indian commission is working on delivering its exports to Tanzania. Meetings have been scheduled for buyers and sellers to extend iron and steel exports.

Tanzania is one of the biggest countries in Africa by area. The Indian iron and steel market is not so established there. Tanzania customs data reports suggest around $1.25 billion worth of iron and steel articles were imported by Tanzania during 2022.  In which India’s share was $105 million. India is the 4th biggest iron and steel exporter in the African continent. During 2022, India held over 8% share in African iron & steel imports.

China and Africa are the top supplier of iron and steel to Tanzania. As per Tanzania import export data, China's iron & steel shipments to Tanzania will increase from 38% in 2021 to 41% in 2022. Whereas, South African iron & steel exports share increased from 9% in 2021 to 12% during 2022. Japan was the third significant exporter with over 11% share of Tanzania's iron and steel imports.

India Iron & Steel Trade Statistics

India is the second biggest producer of iron and steel worldwide after China. In 2022, India has produced over 154 million metric tons of iron and steel. India is ranked 6th biggest exporter of iron & steel. As per India export data, India's overall iron and steel exports were totaled to be $22 billion during FY 2022. 

As compared to $12 billion exports in 2020, there was a significant jump in India’s iron & steel exports. Whereas, India's iron and steel articles exports doubled to  $58 million in 2022. These include flat rolled iron, bridge, railway track, construction materials, etc.  

Global Iron & Steel Market

The global iron & steel industry is completely dominated by China. China is the top iron & steel exporter having over 11% share of the global market. China is also the top iron & steel importer in the world due to high domestic market demand. Global import export data provider show that China’s iron and steel exports were around $78 billion during 2022. Whereas, imports stood around $43 billion in 2022.

After China, Japan was the second top iron steel exporter followed by Germany, Russia, South Korea, Indonesia, Turkey, United States and Brazil. In terms of imports, China is followed by the United States, Italy, Turkey, South Korea, Belgium, Poland, Netherlands and Vietnam on the list of top importers.