India’s finished steel exports rose by 31.4pc to 8.35mn mt in the April 2019-March 2020 period, over the same period the year prior, a Davis Index analysis of data put out by the Ministry of Steel, government of India, can reveal.
Of the total finished steel exports, Vietnam was the top importer, with 2.33mn mt, followed by Nepal at 955,000mt; UAE at 865,000mt; Italy at 793,000mt; and Belgium at 403,000mt. Imports into other countries amounted to 3.02mn mt.
Exports of semi-steel from India also increased by 29.5pc to 2.8mn mt in the same period.
Indian primary mills are quite active in exporting HRC to Southeast Asia, including Vietnam. Recently, mills booked export orders for HRC at $400/mt CFR Vietnam for June deliveries.
Primary and secondary mills will now prefer lucrative seaborne trades, due to the Indian rupee depreciating to Rs76.08 against US$1 on April 23, from Rs71.8 in late February.
Additionally, India’s domestic demand in the period was subdued due to lockdown measures imposed by the government and shutting down of construction, and other sectors like automotive and consumer durables.
India’s finished & semi steel exports & imports
| Particulars (mn mt) | FY20 | FY19 | Change(%) |
| India finished steel exports | 8.35 | 6.36 | 31% |
| India semi-steel exports | 2.82 | 2.18 | 29% |
| India finished steel import | 6.76 | 7.83 | -14% |
Steel imports
India’s finished steel imports fell by 13.6pc to 6.76mn mt in the Apr 2019-Mar 2020 period, over the year prior.
South Korea was the largest finished steel exporter into India at 2.68mn mt, followed by China at 1.20mn mt; Japan at 1.01mn mt; Indonesia at 464,000 mt; Taiwan at 165,000 mt; and then, other countries collectively at 1.22mn mt.
Imports of semi-steel into India also plunged by 58.4pc to 397,000 mt in the same period, over the prior year.