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India’s steel exports reach 18-month high to 1.1 million tonnes in Jan | India Business News
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NEW DELHI: India’s steel exports reached an 18-month high of 1.1 million tonnes in January 2024, driven by increased demand from the European Union and favourable global prices, according to a report by SteelMint.
“Good restocking demand from the European Union (EU) contributed 67 per cent of the 1.11 MT (export) in January. It was highest in last 18 months,” SteelMint said on the reasons behind the surge in exports.
The report also attributed the rise in exports to competitive domestic steel prices.
In January 2023, India had exported 0.67 million tonnes of steel.
The price of hot rolled coil (HRC) in India’s trade segment was Rs 54,300 per tonne, while the global rate stood at USD 710 per tonne (approximately Rs 58,000), further driving the demand for Indian steel in international markets.
Overall, Indian steel exports may remain largely range-bound or fall slightly in the near term because of the “global trade lull induced by the Chinese lunar holidays and Tet festival in Vietnam,” SteelMint said.
(With PTI input)
“Good restocking demand from the European Union (EU) contributed 67 per cent of the 1.11 MT (export) in January. It was highest in last 18 months,” SteelMint said on the reasons behind the surge in exports.
The report also attributed the rise in exports to competitive domestic steel prices.
In January 2023, India had exported 0.67 million tonnes of steel.
The price of hot rolled coil (HRC) in India’s trade segment was Rs 54,300 per tonne, while the global rate stood at USD 710 per tonne (approximately Rs 58,000), further driving the demand for Indian steel in international markets.
Overall, Indian steel exports may remain largely range-bound or fall slightly in the near term because of the “global trade lull induced by the Chinese lunar holidays and Tet festival in Vietnam,” SteelMint said.
(With PTI input)
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