According to statistical data, India's steel export volume decreased 52 percent y-o-y in the 2022-2023 fiscal year.
Flat products decreased by 40% to 6.89 million tons, accounting for 70% of the total export volume; billet down 70% to 1.45 million tons; long products decreased by 73% to 670,000 tons.
The main reason for the significant decrease in steel exports was the export tax imposed since last May, which, with the addition of the Ukraine/Russia war, turned the global steel market upside down.
In addition to the above factors, Vietnamese buyers prefer local supply, Nepal, the second export destination country, has started steel smelting capacity to reduce steel imports, and the UAE's competitiveness in price also increases the pressure on Indian steel mills to export steel.
Overall, India's steel exports will soon recover in the coming months, but still not promising for a good margin.
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