India’s HRC exports under HS code 7208 rose by 146pc in October to 6,16,403mt from the prior year, while exports fell by 11pc compared to prior month.
In October 2019, Vietnam HRC imports from India were the highest at 57pc or 352,959mt, followed by UAE 9pc or 56,773mt, Taiwan 8pc or 47,632mt, Nepal 7pc or 41,367, Italy 5pc or 30,811mt, Spain 3pc or 19,291mt, Malaysia 2pc or 14,701mt and Bangladesh 2pc or 11,330 mt.
In the seven month period from Apr-Oct, HRC exports from India were around 3.1mn mt. Steel mills in India shipped their material overseas as demand from the domestic market weakened while global steel prices rose and the Indian rupee depreciated against the US dollar. The value of Indian rupee was around Rs68.37 against US dollar in mid-July 2019, which fell to around Rs70.9 in October.