Steel exports shoot up by 30 per cent in December
Steel

Steel exports shoot up by 30 per cent in December

While exports of alloyed steel fell by half, key export offerings of non-alloyed steel experienced their highest-ever sequential growth this fiscal year, reaching 271 per cent over the previous month. However, exports nearly halved (down 54 per cent year-over-year) for the April-December period, according to a steel ministry report. This was due to the global recessionary pressures and the previous impact of duty levy on exporters.

As an anti-inflationary measure, in May a 15 per cent export duty was imposed. Steel exports fell to 4.74 million tonnes (mt) in the first nine months of FY23 from 10.33 mt in the previous fiscal year. According to the report, India exported 442,000 tonnes in December, compared to 338,000 tonnes in November. Despite an increase in imports of 27 per cent and a decrease in exports during the first nine months of FY23, India was a net exporter of steel.

After the announcement of the removal of export duties, sentiments clearly improved. These will take some time to show up in numbers. Europe received more inquiries in December, and deliveries are scheduled for January. Order placements were lower than anticipated due to the approaching holiday season in the Western world, according to a trade source.

In anticipation of better prices in January, Indian producers of hot-rolled coils reportedly withdrew their existing quotes from the market in December.

While exports of alloyed steel fell by half, key export offerings of non-alloyed steel experienced their highest-ever sequential growth this fiscal year, reaching 271 per cent over the previous month. However, exports nearly halved (down 54 per cent year-over-year) for the April-December period, according to a steel ministry report. This was due to the global recessionary pressures and the previous impact of duty levy on exporters. As an anti-inflationary measure, in May a 15 per cent export duty was imposed. Steel exports fell to 4.74 million tonnes (mt) in the first nine months of FY23 from 10.33 mt in the previous fiscal year. According to the report, India exported 442,000 tonnes in December, compared to 338,000 tonnes in November. Despite an increase in imports of 27 per cent and a decrease in exports during the first nine months of FY23, India was a net exporter of steel. After the announcement of the removal of export duties, sentiments clearly improved. These will take some time to show up in numbers. Europe received more inquiries in December, and deliveries are scheduled for January. Order placements were lower than anticipated due to the approaching holiday season in the Western world, according to a trade source. In anticipation of better prices in January, Indian producers of hot-rolled coils reportedly withdrew their existing quotes from the market in December.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement