+
Europe become top buyer of Indian Steel post-covid
Steel

Europe become top buyer of Indian Steel post-covid

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.

Next Story
Technology

DEV IT Wins Rs 40.4 Mn tech deal with Alivus Lifesciences

Dev Information Technology, a global IT services company providing Cloud Services, Digital Transformation, Enterprise Applications, and Managed IT Services, with products like Talligence and ByteSigner, has secured significant orders worth approximately Rs 40.4 million from Alivus Lifesciences. The wins reflect DEVIT’s growing presence in the enterprise technology space and its ability to deliver value-driven IT solutions.The engagement includes a significant order of Rs 30.60 million for Microsoft Select Plus perpetual licenses. While the licenses will be billed directly by the Licensing So..

Next Story
Infrastructure Energy

CRISIL Rates ACME Raisar Solar's Rs 8.80 Bn Loan 'AA-/Stable'

CRISIL Ratings has assigned 'CRISIL AA-/Stable’ rating to long-term bank facilities of ACME Raisar Solar Energy, wholly owned subsidiary of ACME Solar Holdings. This rating is assigned to 300 MW (AC) capacity located in Fategarh, Rajasthan for its Rs 8.90 billion term loan facility from REC.CRISIL cited robust revenue visibility, strong financial metrics & debt servicing capability, and a secure cash flow mechanism as key strengths underpinning AA-/Stable rating, one of the highest ratings accorded by the rating agencies. The rating reflects ARSEPL's strong operational profile supported by a..

Next Story
Technology

L&T Tech Selected by TRATON as Key Partner for Global R&D Shift

L&T Technology Services, today announced that it has been chosen by the TRATON GROUP, one of the world’s leading manufacturers of commercial vehicles, as a strategic engineering partner. This collaboration in LTTS’ Mobility segment will support TRATON’s roadmap to build a unified, future-ready product- development platform that delivers scale, speed, and sustainable mobility solutions worldwide.TRATON is reshaping its global R&D ecosystem to unlock cross-brand synergies while expanding the share of battery-electric vehicles in line with its 2029 profitability and sustainability t..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?