Indian steel exports in January this year have been recorded at 0.693 million mt, down 10 percent from the corresponding period of the previous year, according to data released by Joint Plant Committee (JPC) under the Ministry of Steel.
According to officials at the Ministry of Steel, Indian steel mills increased hot rolled coil (HRC) export offer prices to key markets like Vietnam in January, to align their export prices with higher domestic prices, but buyers in Vietnam shifted their buying options to other exporting regions during the month, leading to a slump in India’s HRC shipments overseas.
Though the JPC data does not give the product-wise export break up, ministry officials said that HRC accounted for about 41 percent of total Indian steel shipments overseas in the given month.
According to the JPC data, steel imports into India amounted to 0.477 million mt in January, up nine percent year on year.
On the domestic front, the JPC reported that consumption of finished steel in India in January 2020 was an estimated 8.78 million mt, up six percent over the corresponding month of the previous year.