Indian exports rise in April-May period

Indian exports rise in April-May period

During the months of April and May 2003, the first two months of the country's fiscal year, Indian finished steel production grew by 10% over the same-period 2002, as per the government statistics. In the same two month period, Indian exports increased by 40% over same period in 2002. A total of 430'000 tons of finished and semi-finished steel products were exported in April-May 2002 against the imports of 600'000 tons exported this year. Major Indian producer Steel Authority of India alone exported 200'000 tons during this period, up from its 74'000 ton exports recorded in the same period of 2002. Galvanized product exports from India in April-May this year are at 186'000 tons compared to the 106'000 tons last year. India exported 179'0000 tons of hot rolled coils with no increase over last year, 76'000 tons of bars and rods with 24.5% increase, 63'000 tons of plates with 152% increase and 58'000 tons of cold rolled sheets with 52.6% increase. Major export markets for India within this period were undoubtedly China and the US, while plenty of tonnage was sent to Africa and Southeast Asia as well. Export growth is expected to further continue in case the demand from China and Southeastern Asian markets is sustained. However, it must also be considered that the Indian exports are not very welcomed in the US, and it is also possible that the increasing stock levels in China might also slow down the exports into China. On the other hand, price drops are also expected taking into account the increasing steel production levels worldwide. Meanwhile, imports into India rose by 10% over last year and reached 300'000 tons.