In the first seven months of India's fiscal year, steel exports declined by around 15% compared to the previous year. The decline is attributed to rising domestic prices and steel consumption in India as well as weak global demand for steel.
The drop in exports is surprising given the impact of a 15% export duty imposed on the Indian steel sector in the first half of the previous fiscal year. Among the different types of steel exports, finished flat products, which account for the majority of India's exports, saw a 4% year-on-year decline.
Exports of hot rolled coil and sheet reached about 1.63 million tonnes, while exports of galvanized and coated steel showed a significant increase, rising to 0.87 million tonnes from 0.35 million tonnes a year earlier. On the other hand, exports of semi-finished steel products such as billets fell sharply by 52% to 0.5 million tons, while demand for long products such as rebar, wire and structures fell by 20% to only 0.37 million tons in the April-October 2023 period.
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