China’s insatiable demand for steel in the June quarter supported Indian steel producers when domestic consumption spiraled down by 55pc. An analysis of Indian exports through ports indicates that carbon semis, hot-rolled coil (HRC) exports to China increase exponentially in Q1 (April-June). China was the top importer of Indian steel with a 30pc share in Q1.
India’s total finished steel exports in the Q1 rose by 145pc to 3.26mn mt. Finished steel exports to China rose to 965,000mt in Q1 from 1,000mt in the prior year quarter, while exports to Vietnam increased 360pc to 941000mt. India’s finished exports to UAE rose to 291,000mt, up by 77.7pc from the prior year quarter, followed by a 68.5pc increase in exports to Belgium at 142,000mt and a 55.8pc increase in exports to Italy at 118,000mt. Finished steel exports to other countries totalled to 809,000mt.
|India’s exports in Q1||Carbon Semis||Finished steel||Total finished||Alloy & SS|
In June, India’s exports of finished steel have dropped 14pc from May, driven by a 29pc fall in cold-rolled coils (CRC) exports. Exports of HRC have increased 195pc from May. Stainless steel exports from India have also increased both compared to the prior year as well as May.
|India’s steel exports in June (mt)|
|Jun-20||Jun-19||Change YoY||May-20||Change MoM|
|–Bars & rods||114,000||34,000||232%||95,000||20%|
|–Pipes (large dia)||23,000||26,000||-12.40%||6,000||283%|
|Alloy & Stainless||83,000||49,000||71.10%||51,000||63%|