Indian mills agree to reduce exports into China

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.