Europe become top buyer of Indian Steel post-covid

05 Sep 2023 CW Team

Export Trends

On a year-on-year basis, exports to these key European countries have seen a 14 per cent increase, rising from 0.9 million tonnes in the previous period. Italy, Indian steel mills’ largest export market, received 0.6 million tonnes, reflecting a 26 per cent YoY increase. Spain, the second-largest market, imported 0.24 million tonnes, marking an 87 per cent increase. Meanwhile, Belgium received 0.2 million tonnes, experiencing a 32 per cent decline for the April–July period of FY24.

The most exported item was hot rolled coil or strips, accounting for 39 per cent of the total finished steel exports.

Other Export Markets

Apart from Europe, the UAE and Nepal also featured as significant export destinations. Exports to the UAE dropped 23 per cent YoY to 0.19 million tonnes, while shipments to Nepal increased by 30 per cent, reaching 0.22 million tonnes during the same period.

According to the Steel Ministry report, "The import of total finished steel was valued at Rs 192 billion ($2,336 million), whereas the export of total finished steel was valued at Rs 215.47 billion ($2,621 million). Overall, the trade surplus (total finished steel) stood at Rs 23.47 billion during April-July 2023 (provisional)."

Rising Imports

Data highlights that Vietnam, previously one of the largest buyers of Indian steel, has now transitioned into a key seller. Imports from Vietnam, among the top five sellers, surged by a staggering 860 per cent YoY to 0.17 million tonnes. In the corresponding period a year ago, India received only 17,000 tonnes of steel imports from Vietnam.

Other major steel sellers to India included Korea at 0.69 million tonnes (down 4 per cent), China at 0.6 million tonnes (up 62 per cent), and Japan at 0.26 million tonnes (up 47 per cent).

China notably emerged as the second-largest steel seller to India, with finished steel imports reaching a five-year high in the first four months of the fiscal year. Steel shipments from China saw a 23 per cent YoY increase to 2 million tonnes, primarily due to the attraction of cheaper imports from China, which were priced $40 to $60 per tonne lower.

Export TrendsOn a year-on-year basis, exports to these key European countries have seen a 14 per cent increase, rising from 0.9 million tonnes in the previous period. Italy, Indian steel mills’ largest export market, received 0.6 million tonnes, reflecting a 26 per cent YoY increase. Spain, the second-largest market, imported 0.24 million tonnes, marking an 87 per cent increase. Meanwhile, Belgium received 0.2 million tonnes, experiencing a 32 per cent decline for the April–July period of FY24.The most exported item was hot rolled coil or strips, accounting for 39 per cent of the total finished steel exports.Other Export MarketsApart from Europe, the UAE and Nepal also featured as significant export destinations. Exports to the UAE dropped 23 per cent YoY to 0.19 million tonnes, while shipments to Nepal increased by 30 per cent, reaching 0.22 million tonnes during the same period.According to the Steel Ministry report, The import of total finished steel was valued at Rs 192 billion ($2,336 million), whereas the export of total finished steel was valued at Rs 215.47 billion ($2,621 million). Overall, the trade surplus (total finished steel) stood at Rs 23.47 billion during April-July 2023 (provisional).Rising ImportsData highlights that Vietnam, previously one of the largest buyers of Indian steel, has now transitioned into a key seller. Imports from Vietnam, among the top five sellers, surged by a staggering 860 per cent YoY to 0.17 million tonnes. In the corresponding period a year ago, India received only 17,000 tonnes of steel imports from Vietnam.Other major steel sellers to India included Korea at 0.69 million tonnes (down 4 per cent), China at 0.6 million tonnes (up 62 per cent), and Japan at 0.26 million tonnes (up 47 per cent).China notably emerged as the second-largest steel seller to India, with finished steel imports reaching a five-year high in the first four months of the fiscal year. Steel shipments from China saw a 23 per cent YoY increase to 2 million tonnes, primarily due to the attraction of cheaper imports from China, which were priced $40 to $60 per tonne lower.

Real Estate

03 Apr 2026

Loomcraft Enters South India with Kerala Store Launch

Loomcraft has launched its exclusive store in Kerala, marking its entry into South India and a key step in its nationwide expansion strategy. The move targets a region driven by tourism and premium real estate demand, where outdoor spaces play a central role in hospitality and residential experiences.Kerala’s growing base of luxury resorts, boutique hotels, villas and gated communities has created strong demand for specialised outdoor furniture. However, the region has remained underserved, with buyers relying on imports or generic products not suited to humid, coastal and monsoon-heavy cond..

Building Material

03 Apr 2026

Mild Steel Prices Seen Rising to Rs 61,000 Per Tonne

Mild steel prices in India, currently around Rs 58,000 per tonne, are expected to rise to nearly Rs 61,000 per tonne in April, indicating an increase of about Rs 3,000 per tonne. The anticipated rise reflects structural pressures driven by geopolitical tensions, energy constraints and limited raw material availability.Ongoing global conflict has disrupted energy markets, leading to LNG shortages that are affecting domestic steel production. Small and mid-sized manufacturers, particularly those dependent on gas-based processes, are witnessing production cuts due to constrained energy supply, re..

Infrastructure Urban

01 Mar 2026

Vedanta Expands Transgender Workforce to 75 Employees

Vedanta has strengthened its commitment to workplace inclusion by employing 75 transgender individuals across its businesses, including Vedanta Aluminium, Hindustan Zinc, Sesa Goa, FACOR and Cairn Oil & Gas. The initiative reflects sustained hiring efforts since 2022 to build equitable opportunities across operations, corporate and technical roles.Transgender employees are engaged in functions such as operations, finance, logistics, HR, CSR, healthcare and security, with provisions for internal mobility to support career progression. The company has implemented structured policies, includi..