India's pig iron exports decreased by 55% in January-August

India’s pig iron exports under HS code 7201 recorded the first increase in the last eight months in August. Export volumes surged to 63,000 tons, representing a 480% rise compared to August of the previous year. On a m-o-m basis, the spike was even more pronounced, soaring by 1,668.6%. This marked the highest export volume since May 2023.

The US emerged as the top destination for India's pig iron exports in August, with shipments amounting to 58,000 tons, a stark contrast to the mere 2 tons recorded in the same month last year. This substantial growth underscores a shifting dynamic in India's trade focus and demand from the American market.

Despite the surge in August, cumulative figures for the first eight months of 2024 indicated a decline. Total exports over this period stood at 146,000 tons, reflecting a 55% drop compared to the corresponding timeframe in 2023. The US accounted for the largest share of these exports, with imports of 58,000 tons, representing 39.4% of the total volume. Turkey followed as the second-largest importer, receiving 35,000 tons, or 24.1% of India's pig iron exports.