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.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Infrastructure Transport

06 Jul 2026

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Infrastructure Transport

06 Jul 2026

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..