Steel exports down a third amid weak global demand, Chinese competition

30 Aug 2023 CW Team

India's steel exports have declined by a third in 2022 compared to last year due to tepid global demand and increasing competition from China, a new report reveals. Data from SteelMint shows average monthly finished steel and billet exports fell to 780,000 tonnes between January-July 2022, down from 1.08 million tonnes in 2021. Experts say this is because Chinese mills have sharply increased steel exports, including to India, with shipments hitting multi-year highs in recent quarters. Chinese producers are also undercutting prices, leading countries like Vietnam and Middle East to buy more steel from China rather than India.

However, Indian steelmakers are unlikely to face major margin impacts given robust domestic demand and prices. Analysts say India remains the sole bright spot for steel demand globally amid lackluster conditions in China, US and Europe. Though exports have dipped, India's domestic steel production and consumption rose in Jan-June 2022 as mills prioritized local requirements to aid growth. The resilient local demand will also help maintain stable steel prices in India.

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