Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Europe acquired 3.3 million tonnes (MT) of Indian steel exports in FY24, rising 65% year over year and nearly doubling in five years (from FY20). This was a five-year high for the country's steel exports to Europe. According to the Steel Ministry, the country has given up ground in South East Asia and the United Arab Emirates, where exports hit a five-year low.
Indian mills' prospects in the UAE and Vietnam have been severely dented by competition from Chinese products. Indian steel exports stood at 7.5 MT, increased 11% YoY, buoyed primarily by the rise in shipments to EU. Exports there are dominated by three countries – Italy (1.7 MT), Belgium (0.85 MT) and Spain (0.7 MT) in FY24. Over the five-year, Italy saw exports increase by 112%; exports to Belgium more than doubled from 0.4 MT; while in case of Spain there was a 133% rise in shipments.
In FY23, exports to EU were at 2.0 MT level, while in FY22, it was at 3 MT. In FY21, when Covid-induced restrictions were being lifted globally, it was at 2 MT. In FY20, the Covid year, exports were 1.5 MT. Market participants said, Indian steel mills have held back HRC export offers to Europe this week. Indicative prices are around $ 625 - 635/t.
“Supported by re-stocking and a weak dollar, domestic prices in EU rose after the Euro to US dollar exchange rate changed. Buyers also held off on overseas purchases due to long lead times. This ended the downward trend in European prices that had been in place since January. Despite limited demand, mills are expected to raise prices soon due to the lack of import competition,” consultancy firm mentioned in a statement.
According to Ministry officials, sanctions on Russia and lesser competition from China were seen as reasons for Indian exporters to have tapped into European market. Stainless steel demand across some pockets like Germany, France, Poland, Italy and Spain are also witnessing some improvement in demand.
Also Read : Chinese steel sector reduced revenue by 4.2% y/y in Jan-April Mining companies apply to handle iron ore at Goa dumps
Sinnar Thermal Power (STPL), a subsidiary of RattanIndia Power, has lost control as the bankruptcy a...
Mid Corporate 01-Feb-2024
State-owned coal mining corporations in India seek to invest approximately ₹20,000 crore in renewabl...
Announcement 06-Jun-2024
Google has pledged 25 million euros ($26.98 million) towards initiatives aimed at promoting artifici...
Europe 12-Feb-2024
Union Minister Pralhad Joshi recently inaugurated the second State Mining Ministers’ Conferenc...
Press Releases 23-Jan-2024
Prime Minister Narendra Modi today will lay the foundation stone and dedicate railway projects worth...
Announcement 12-Mar-2024
1️⃣ India advances green steel policies to cut CO₂ emissions and meet net-zero targets.2️⃣ Leading s...
Business 02-Apr-2025