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'India's monthly steel exports at 18-month high in January, reaching 1.1 million tonne'

India

Base Metal and Articles

26-02-2024

India's monthly steel exports hit an 18-month high to 1.1 million tonne in January 2024 on increased demand from the European Union and supportive global prices, SteelMint said. Besides, competitive domestic prices of steel contributed to a rise in exports, the research firm said in its latest report. The outbound shipment of steel in January 2023 was 0.67 million tonne, as per SteelMint data. On reasons behind the surge in exports, SteelMint said, "Good restocking demand from the European Union (EU) contributed 67% of the 1.11 MT (export) in January. It was highest in last 18 months."

 


While the price of the hot rolled coil (HRC) in India's trade segment was at ₹54,300/tonne, the global rate was $710 per tonne (about ₹58,000). This factor also contributed to the demand for Indian steel in the global markets. Overall, Indian steel exports may remain largely range-bound or fall slightly in the near term because of the "global trade lull induced by the Chinese lunar holidays and Tet festival in Vietnam," SteelMint said.