In May 2024, Indian steel companies exported about 500 thousand tonnes of steel products, which is the lowest in the last six months. About 82% of this volume, about 410 thousand tonnes, consisted of flat products and pipes. Also, 50 thousand tonnes of long and shaped steel products and 40 thousand tonnes of semi-finished products were shipped abroad.
The largest buyers of Indian steel were the EU countries, which imported 210 thousand tonnes of products, which is 40% less than in April. Supplies to Vietnam practically stopped and exports to countries such as Nepal, UAE, USA and Turkey were at a minimum level.
For April and May 2024 (the first two months of the financial year 2024/2025), steel exports from India stood at 1.16 million tonnes, down 34% from the same period last year. Of this volume, 560,000 tonnes went to EU countries, 35% less than the same period in 2023.
Indian experts note that external shipments will remain low in the coming months. This is due to the downturn in the EU market and falling demand for imported products. In other markets, Indian steel is uncompetitive compared to Chinese steel, and export prices are lower than in the domestic market, which makes domestic sales more favourable for Indian steel companies.
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