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Updated February 25th, 2024 at 13:41 IST

Steel exports surge to 18-month high in January: Report

In January 2023, outbound steel shipments stood at 0.67 million tonnes, indicating a growth trajectory over the past year.

Reported by: Business Desk
JSW Steel
Steel exports from India | Image:Unsplash
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Steel exports touch 1.1 MT:  The steel exports of the country surged to an 18-month high of 1.1 million tonnes in January 2024, driven by increased demand from the European Union (EU) and favourable global prices, according to a report by SteelMint. The strong performance was supported by competitive domestic steel prices, further boosting export volumes.

In January 2023, outbound steel shipments stood at 0.67 million tonnes, indicating a growth trajectory over the past year. SteelMint attributed the surge in exports primarily to strong restocking demand from the EU, which accounted for 67 per cent of the total exports during the month, marking the highest level in the past 18 months.

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A key contributing factor to the increased demand for Indian steel in global markets was the competitive pricing, with the price of the hot rolled coil (HRC) in India's trade segment at Rs 54,300 per tonne, compared to the global rate of $710 per tonne (approximately Rs 58,000). This pricing advantage further fueled demand for Indian steel in international markets.

Looking ahead, SteelMint expects that Indian steel exports may experience some moderation or remain relatively stable in the near term due to the global trade slowdown triggered by the Chinese lunar holidays and the Tet festival in Vietnam. Despite this temporary slowdown, the outlook remains positive, supported by sustained demand from key export markets and favourable pricing dynamics.

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Overall, the surge in steel exports reflects India's growing prominence as a key player in the global steel market, driven by competitive pricing, quality products, and robust demand from international markets such as the EU.

(With PTI inputs)

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Published February 25th, 2024 at 13:40 IST

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