India's hot-rolled steel exports fell 47.17% year-on-year to about 133,000 tons in April, a decline that continued for two consecutive months. Among them, the UK was the main export destination with about 48,000 tons. Italy followed, down 9.5% month-on-month to around 48,000 tons. Nepal was the third export destination with around 13,000 tons.
On a continental basis, India exported 109,000 tons of hot rolled steel to Europe, down 9.5% m-o-m. Exports to Asia, on the other hand, fell 86.8% month-on-month to around 13,000 tons.
This is due to sluggish demand in Europe and increased competition from China in key markets such as the Middle East. There is also a general slowdown in infrastructure projects and other construction sector activity due to the elections, according to officials. These factors will continue to have an impact in the April-June period, but exports are expected to pick up after June if the government accelerates infrastructure projects.
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