India’s steel exports spiked by 145pc in Q1 (April-June), while imports fell by 32.7pc from the prior year quarter driven by 55pc drop in domestic steel consumption amid the COVID-19 pandemic, according to provisional official data.
|India’s steel production in Q1 (mn mt)|
|Production||Q1 2021||Q1 2019||% Change YoY|
Crude steel production in Q1 declined by 41.6pc to 16.28mn mt from a year ago quarter and finished steel production dipped by 51.2pc to 12.94mn mt due to COVID-19-related lockdown. Most steelmakers in India cut production in line with the weak demand as auto sales and construction activities remain subdued. India’s steel consumption dropped by 55pc in Q1 from a year ago.
In Q1, India was a net exporter of finished steel with exports rising by 145.3pc to 3.26mn mt as major steelmakers increased overseas sales to offset weak domestic demand. Steel products imports fell by 32.7pc to 1.212mn mt. Total finished steel imports from China dropped by 8pc to 272,000mt in Q1.
Exports to China rose exponentially 965,000 mt from 1,000mt in the prior year quarter. China was the top destination for Indian steel exports with 30pc share of total exports in Q1, followed by Vietnam with exports up by 360.6pc at 941,000mt.