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India's finished steel exports in April fell to their lowest level in five months on weaker demand and increased competitiveness in the international market.
Exports of finished steel in April fell by 22pc from a year earlier to 742,800t, the lowest level since November 2021, provisional data from the steel ministry's joint plant committee (JPC) show. Finished steel comprises alloyed and non-alloyed steel. Shipments of semis also dropped by 44pc to 202,300t.
Italy was the top export destination for finished steel in April with about 130,500t, followed by Turkey at 87,400t and Belgium at 76,900t. Vietnam, India's largest steel buyer in the 2021-22 fiscal year ending 31 March, was fourth with 67,000t.
Steel demand slowed in Europe last month. Indian offers in the Vietnamese market failed to emerge for two months as prices in the region were lower than the European market.
Flat product exports accounted for 88pc of total non-alloyed finished steel shipments in April, with hot-rolled coil (HRC) and strips accounting for the majority share, followed by galvanised sheets and coil. Mumbai port saw the highest volume of exports last month with 143,300t, followed by Paradip port at 119,900t.
India's finished steel imports during April fell by 10.1pc from a year earlier to 326,900t. Most finished steel imports last month came from South Korea with 178,500t, followed by China with 58,000t and Japan with 34,000t.
Mumbai port recorded the most imports with 97,600t, followed by Chennai with 85,400t and Mundra with 63,900t.
Imports of flat products accounted for 97pc of total non-alloyed finished steel in April, with most imports comprising HRC and strips, followed by galvanised sheets and coil and cold-rolled coil and sheets.
India's steel exports are likely to fall for the rest of this year after it imposed a 15pc tax on nine steel products last week, which are estimated to have accounted for 95pc of its steel shipments.
argusmedia
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