India’s steel exports more than double in July-Sept from previous quarter

Thursday, 24 October 2019 16:31:50 (GMT+3)   |   Istanbul
       

In the July-September period this year, steel exports from India surged by 34 percent year on year to 2.463 million mt. Moreover, compared to the previous quarter, shipments rose by 1.45 million mt or were 2.4 times higher, signalling weaker domestic demand, rising inventories and the urgent need to redirect volumes abroad.

In September, India’s steel exports exceeded 1 million mt, rising by 73 percent year on year to 1.019 million mt. “Amid increasing inventories and dull demand in the domestic market coupled with the arrival of the festive season, Indian steel companies have lowered their export offers to offload their surplus inventories in the overseas market,” the Steel Ministry stated in its latest report. Exports of HRC and billets have witnessed a significant increase with Vietnam the largest customer with a 35 percent share in total exports and Italy taking second place with a 14 percent share. “During August and September 2019, inventories declined by 3.77 percent and 4.48 percent respectively. Increasing trends in exports of finished steel since August 2019 have led to absorption and reduction in levels of inventories,” the Steel Ministry stated.

Crude steel production in India dropped by 5.2 percent to 8.417 million mt in September compared to the previous month, while consumption declined by 5.3 percent. Steel demand growth compared to last year decreased significantly - down 6.8 percent the first quarter of FY 2019-20, and declining by five percent in the second quarter, and there is a lack of positive expectations for the period up to the end of December.

Most market sources expect the demand rebound will be delayed until December-January, and so there is no bullish mood for November, traders said. 


Similar articles

India’s steel imports up 8% in Q2 FY 2023-24, exports down 18%

09 Oct | Steel News

Indian steel mills succeed in reducing coking coal import dependency on Australia

25 Sep | Steel News

India’s steel exports up 35 percent in July, imports rise 32 percent

08 Aug | Steel News

India’s finished steel exports decline by 28% by in January

07 Feb | Steel News

India becomes net importer of finished steel in Q3 FY 2022-23

09 Jan | Steel News

Indian finished steel exports slump 54 percent in H1 FY 2022-23

07 Oct | Steel News

India’s coking coal import port traffic up 15.93% in Apr-Sept FY 2022-23

06 Oct | Steel News

India’s finished steel output up 4% in August, consumption up 13%

29 Sep | Steel News

Indian finished steel exports slump 66% in August, crude steel output up 2%

06 Sep | Steel News

India’s steel exports slump by 75% in July, imports up 8%

09 Aug | Steel News