Indian finished steel exports rose by 75.9pc in April-May to 1.713mn mt from the prior-year period according to the government data. Imports of finished steel, however, declined by 19.4pc to 946,000mt to make India a net exporter in the period.
Domestic demand for finished steel in April-May declined as the government announced social distancing restrictions to curb the spread of COVID-19. In the absence of domestic demand, mills, mainly primary steelmakers shifted their focus towards seaborne trades. Finished steel consumption stood at 4.013mn mt in April-May 2020, down by 75.5pc from 16.410mn mt in April-May 2019.