India’s finished steel exports over April-August sank 39.6% year on year to 1.92 million metric tons, latest data from the Joint Plant Committee showed, as demand from the European Union weakened sharply.
Finished steel exports to Italy, the leading EU destination, plummeted 48.3% on the year to 360,400 metric tons in April-August. Outflows to Belgium fell 25.6% on the year to 223,300 metric tons while exports to Spain plunged 51.7% to 133,000 metric tons.
Of the total exports in April-August, flat steel exports accounted for 1.45 MMt, down 43.7% year on year.
The lower flat steel outflows were undermined by a 62.8% year-on-year plunge in exports of hot-rolled coil/strips to 410,000 metric tons in the reported five-month period.
The fall in finished steel exports ran counter to imports of the same which rose 33.9% on the year to 3.72 MMt over April-August.
As a result, India has been a net importer for the first five months of the current fiscal year 2024-25 (April 2024 to March 2025) with inflows surpassing outflows by 1.8 MMt.
“The steel sector is witnessing a wave of trade protection measures as countries respond to low-cost imports and unfair trade practices,” the Indian Ministry of Steel said Sept. 24.
The European Union has imposed anti-dumping duties on cold and hot rolled stainless steel, with rates reaching up to 25.30%, and a 25% safeguard tariff on steel imports exceeding set quotas, it said.
“India is vulnerable to global trade diversion, with no trade protection measures in place,” the ministry said, citing the increase in steel outflows from China.
“The price of steel in the domestic market has been consistently falling due to decline in international prices and dumping of steel by China at low prices…(the) Ministry is assessing the situation and will take appropriate action,” it added.
Of the 3.72 MMt of finished steel inflows over April-August, about 1.13 MMt, or 30.4%, originated from China, which by itself was up 31.7% from the year before, also making China the leading supplier to India in the five-month period.
Like the finished steel exports, flat steel products accounted for the bulk of the inflows at 2.66 MMt, up 49.1% on the year. Imports of HRC, the key flat steel product, stood at 1.36 MMt over April-August, surging 79.3% on the year.
Platts, part of S&P Global Commodity Insights, assessed the spot price of IS2062, 2.5-10 mm thick HRC, excluding 18% GST, at Rupee 47,000/mt ($561/mt) ex-works Mumbai on Sept. 27, up Rupee 500/mt day on day but down 19% from Rupee 58,000/mt on Sept. 27, 2023.
