Indian mills agree to reduce exports into China
Upon warnings by the Chinese government to check the surging export quantities into their country, major Indian steel makers have decided to slow their steel exports down, almost by 50% into
China.
The rising price levels in European and US markets have also contributed in shifting the focus of Indian exports from
China.
The main materials of exports to
China from
India are hot rolled coils, plates and
galvanized products.
Tata Steel stated that they intend to reduce galvanised steel exports by 50%, down to 9'000 mts, in the fourth quarter of the year. Other Indian companies are reducing their hot rolled steel sheet in coil exports into
China, one by one.
It appears that all major mills in
India will attend the Chinese government warning and watch their export quantities to this destination.