7,855.06 TL BIST 100 BIST 100
28.92 $ USD USD
€31.16 EUR EUR
38.38 TL Interest Interest
74.67 $ Fossil Oil Fossil Oil
23.80 $ Silver Silver
3.75 $ Copper Copper
132.52 $ Iron Ore Iron Ore
387.00 $ Ship Dismantling Ship Dismantling
1,883.86 TL Gold (gr) Gold (gr)

Europe has been the largest buyer of Indian steel since the COVID-19 pandemic

On an annual basis, exports to major European countries increased by 14% compared to 0.9 million tonnes in the previous period.

Europe has been the largest buyer of Indian steel since the COVID-19 pandemic

Italy, the largest export market for Indian steelmakers, imported 0.6 million tonnes, up 26% y-o-y. Spain, the second largest market, imported 0.24 million tonnes, up 87%. Meanwhile, Belgium imported 0.2 Mt, a 32% decrease for the April-July 2024 period.

The most exported products were hot rolled coils and sheets, accounting for 39 per cent of total finished steel exports.

In addition to Europe, the UAE and Nepal are also important export destinations. Exports to the UAE decreased by 23 per cent y-o-y to 0.19 Mt, while shipments to Nepal increased by 30 per cent to 0.22 Mt in the same period.

Finished steel imports totalled Rs 192 billion ($2,336 million) while finished steel exports stood at Rs 215.47 billion ($2,621 million), according to a Steel Ministry report.

The data shows that Vietnam, once one of the largest buyers of Indian steel, has now emerged as a major seller. Imports from Vietnam, which is among the top five sellers, increased by a staggering 860% y-o-y to 0.17 million tonnes. In the same period a year ago, India imported only 17,000 tonnes of steel from Vietnam.

India's other major steel sellers include Korea with 0.69 million tonnes (down 4%), China with 0.6 million tonnes (up 62%) and Japan with 0.26 million tonnes (up 47%).

Notably, China was India's second largest steel supplier with finished steel imports reaching a five-year high in the first four months of the financial year. Steel supplies from China increased 23% y-o-y to 2 million tonnes due to the attractiveness of imports from China, which are $40-60 per tonne cheaper.


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Innovative trends propel nut coke market amidst metallurgical advancements

Thursday, December 7, 2023

In January wire rod prices will be increased by CSC

Thursday, December 7, 2023

Striking increase in Turkey's scrap exports in October: 151 percent!

Thursday, December 7, 2023

KARDEMİR will establish a 27.3 MW solar power plant in Van

Thursday, December 7, 2023

This week in European steel market!

Thursday, December 7, 2023
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences

Global Iron and Steel Exchanges

Iron and Steel Indices, Price and News

E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now