Steel Exports from India Surged 26% in First Quarter 2021

Incidentally, HRC was the most exported product during fiscal 2020-’21 as well.

SEATTLE (Scrap Monster): The official data released by the Joint Plant Committee (JPC) pointes to notable surge in finished steel exports by India during the initial quarter of the current year. The quarterly exports rose by 26% over the previous year to total around 2.47 million mt.

The exports witnessed huge surge in March. The exports during that month were 1.29 million mt, which accounted for more than half of the total quarterly exports. Out of this total, hot-rolled coils (HRCs) accounted for 676,200 mt. The overall HRC exports stood at 1.19 million mt during the quarter, higher by almost 19% from Q1 2020. Incidentally, HRC was the most exported product during fiscal 2020-’21 as well.

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The steel exports to the EU region witnessed phenomenal surge during Q1 this year. The share of exports in March to region’s countries, such as Belgium, Italy and Spain recorded year-on-year increases. Another country to report annual increase in share of exports was Hong Kong. On the contrary, exports to Nepal, the UAE and Vietnam posted declines, said JPC data.

For the full fiscal year 2020-’21, India remained a net exporter of steel. The exports during this period totalled 10.78 million mt, whereas the imports stood at 4.75 million mt. The annual exports surged over 29%, while imports were down by almost 30% from the prior fiscal.

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