India's Steel Exports Drop by a Third Amidst Chinese Competition

31 Aug 2023 CW Team

India's steel exports have plummeted by 33% due to sluggish international demand and intensified competition from Chinese steel producers. Despite this setback, the robust domestic market has shielded local steel manufacturers from significant impact. The competition from China, which has been flooding markets including India, stems from both increased exports and competitive pricing strategies.

China's steel exports, including those to India, have surged recently, with Indian imports reaching a multi-year high during the June quarter. Chinese mills are reportedly undercutting rivals globally with lower prices. Consequently, Indian steel exporters have witnessed reduced sales to destinations like the Middle East and Vietnam, as these regions opt for Chinese steel. Notably, India's steel shipments dropped to 780,000 tonnes per month on average between January and July, compared to the 1.08 million tonnes averaged in the preceding year, based on SteelMint's data.

Despite the decline in exports, industry experts assert that Indian steelmakers will experience limited margin effects. Domestic steel prices remain strong, and internal demand remains favorable due to India's comparatively robust economic situation. In fact, Indian steel companies have prioritised meeting domestic market demands to support the nation's economic growth journey. The rise in steel production and consumption within India during the initial six months of the year reflects this strategy. According to Ranjan Dhar, Senior Vice President and Chief Marketing Officer at AM/NS India, the decline in exports underscores Indian steel mills' commitment to propelling India's growth through domestic market prioritisation.

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