India steel exports to Vietnam declined in November amid higher domestic sales. Share of exports to Vietnam dropped to 18pc from 35pc in November 2019, while exports to China, Nepal, the UAE, Iraq and Italy increased in the month, according to provisional data from India’s Ministry of Steel. Share of exports to Italy rose more than four times to 14pc from 3pc and China increased to 10pc from 7pc in the prior year, while that to UAE and Nepal rose to 12pc and 11pc, respectively.
Exports to the top five countries including China, Vietnam, the UAE, Italy and Nepal accounted for 71pc of India’s total finished steel exports in the Apr-Nov period. China’s share was 27pc.
| Top five export destinations for Indian finished steel | |||
|---|---|---|---|
| Units: mt | Apr-Nov ’20 | Apr-Nov ’19 | %Change YoY |
| China | 2.05mn | 6,21,000 | 3203.6 |
| Vietnam | 1.84mn | 1.70mn | 7.8 |
| UAE | 6,26,100 | 5,29,600 | 18.2 |
| Italy | 4,64,200 | 4,83,500 | -4 |
| Nepal | 4,22,000 | 6,35,900 | -33.6 |
Unlocking of the Indian economy and improving pace of manufacturing and construction activities have gradually driven domestic steel demand which resulted in a moderation of export on the one hand and a slow increase of imports on the other hand. In Apr-Nov period, exports of finished steel rose by 33.8pc to 7.70mn mt, while imports declined by 46.9pc to 2.70mn mt from the prior period.
Crude steel production rose by 2.7pc to 9.170mn mt in November as domestic steel demand recovered to pre-COVID times. In November, India’s finished steel consumption rose by 11pc to 8.623mn mt from the prior year.
HRC
India’s HRC exports in rose to 3.512mn mt in November, up by 20pc from October and down from 5.09mn mt in September and 9.76mn mt in May and 11.29mn mt in June. HRC exports are down by 34.1pc compared to November 2019. In the Apr-Nov period, HRC exports increased by 50.5pc to 5.133 mt. China was the top destination for Indian exporters with 38pc share of the total HRC exports.
Semis
Exports of Semis declined by 21pc to 3.41mn mt in November from 4.31mn mt in October, in which exports of billets decreased by the same percentage to 3.41mn mt. Billet exports were significantly higher in the prior months at 6.25mn mt in September and 9.85mn mt and 9.91mn mt in May and June, respectively, when the domestic market was severely impacted by the COVID-19-related lockdowns.
In the Apr-Nov period, carbon billet exports from India totalled 3.42mn mt, while total carbon semis exports were 5.17mn mt, which up by 195.2pc from 1.75mn mt in the prior period.
Sponge iron exports increased by 11pc to 299,000mt in November from 269,000mt in October, but lower than 333,000mt in September and 582,000mt and 511,000mt exported in May and June, respectively. Compared to November 2019, Sponge iron exports have declined by 51.5pc.
| India’s iron and steel exports in November | |||||
|---|---|---|---|---|---|
| Unit: mt | Nov ’20 | Oct ’20 | Change MoM | Nov ’19 | Change YoY |
| Semis | 3,41,500 | 4,31,200 | -21% | 2,97,100 | 14.60% |
| Sponge Iron | 29,900 | 26,900 | 11% | 61,600 | -51.5 |
| Billet | 3,41,000 | 4,30,800 | -21% | 2,97,100 | 14.70% |
| HRC | 3,51,200 | 2,92,000 | 20% | 5,32,700 | -34.1 |
| Total finished | 5,97,600 | 5,54,900 | 8% | 8,66,900 | -31.1 |
| Total Steel | 9,39,100 | 9,86,100 | -5% | 11,64,800 | -19.4 |