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India’s steel exports in May 2024 fell by 24% to 0.5 million tonnes (MT) from 0.66 MT in April. Therefore, exports from the country fell to the lowest level in six months.
In May, exports of long products and semi-finished products amounted to about 50,000 and 40,000 tons, respectively. Flat products accounted for about 82% of total exports.
For India, EU remained the main export destination. However, the total supply of steel products to the bloc fell by 40% in May compared to the previous month, exceeding 21,000 tonnes. Exports to the UAE and Turkey declined during the period; however, Shipments to Nepal and the United States increased.
Several factors impacted Indian exports last month. Local steel mills, in particular, have restricted export quotas and favour the home market above exports. HRC exports to Southeast Asia and the Middle East were suspended due to planned maintenance shutdowns at the factories, especially at the hot strip mills. They persisted for roughly 15 days at some plants and were associated with a time when there was little demand for purchases in both domestic and foreign markets.
A slowdown in global demand for steel, buyer concern in the European market due to newly announced protective measures, and competitive Chinese prices also impacted Indian exports.
ICRA (Indian credit rating agency) revised its forecast for domestic steel consumption growth in India to 9-10% in FY2024-25, up from 7-8% previously. These expectations take into account recent trends in the sector. Domestic steel consumption in the country increased by 11.3% between February and April 2024.
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