Data from the Ministry of Steel shows that European markets, mainly larger markets such as Italy, Spain and Belgium, have surpassed traditional markets such as Vietnam to become the largest buyer of Indian steel after the new crown epidemic. Vietnam is currently one of the largest steel sellers. one. .
Exports to these three European markets hit a five-year high of 1.03 million tonnes during the April-July period of fiscal 2024, an increase of more than 350% from exports of just 0.23 tonnes during the same period in fiscal 2020.
Compared with the same period last year, exports to the three main European countries increased by 14% from 0.9 tons.
Data from the Ministry showed that exports to Italy (the largest export market for Indian steel mills) were 0.6 tons, up 26% year-on-year; imports from Spain (the second largest market) were 0.24 tons, up 87%; Imports to Belgium fell by 32% to 0.2 tons between July and July.
Hot-rolled steel coil or strip (1.0 tons) “was the most exported product (39% of total finished steel)”, the report by career line explain.
Other large export markets are the UAE and Nepal. While exports to the UAE fell 23% year-on-year to 0.19t, exports to Nepal increased 30% to 0.22t during the period under review.
“The total import of finished steel products was 192 billion rupees (2.336 billion US dollars) while the total export of finished steel products was 215.47 billion rupees (2.621 billion US dollars). The overall trade surplus (total amount of finished steel products) for April-July 2023 (provincial) was 23.47 billion rupiah,” the steel ministry report said.
Imports soared
Vietnam, one of the biggest buyers of Indian steel, is now one of the major sellers, data show. Imports from Vietnam (one of the top five exporters) rose 860% year-on-year to 0.17 tons. In the same period last year, imports were only 17,000 tons.
The other big sellers were South Korea, which sold 0.69 tons, down 4%, China, which sold 0.6 tons, up 62%, and Japan, which sold 0.26 tons, up 47%.
For India, China has become India’s second largest steel exporter, with imports of finished steel hitting a five-year high in the first four months of this fiscal.
Steel shipments rose 23% YoY to 2 tons, the highest level since 2020; mainly due to cheaper imports from China. Shipments from China dropped by $40 to $60 per ton.
