Indian steel exports continue to decrease

Overall, Indian companies shipped about 4.20 million tonnes of steel abroad in the first five months of calendar year 2023. This is 31 per cent lower than the same period last year.

In May, about half of India's steel exports (about 450 thousand tonnes) were sent to EU countries.

In May, Indian companies reduced their exports to the UAE by 28% compared to April (to 45.7 thousand tonnes), but increased sales to Nepal by 15% to 101.7 thousand tonnes. The small Himalayan country became the largest buyer of Indian steel products outside Europe. About 40 thousand tonnes were sent to Turkey, with exports in this direction increasing by 20% during the month. Indian companies did not participate in the Vietnamese market in May due to their inability to compete with Chinese suppliers.

Flat products account for more than 82 per cent of India's steel exports. The volume of supplies in May was about 740 thousand tonnes, 11% less than in April. At the same time, exports of hot-rolled steel decreased by 32% to 310 thousand tonnes, while galvanised steel increased by 29% to 210 thousand tonnes.

Moreover, Indian companies sold 53.3 thousand tonnes of long products and 101.5 thousand tonnes of billets abroad. These figures were 11% and 74% higher, respectively, compared to April.