9,374.20 TL BIST 100 BIST 100
4.34 CNY CNY CNY
31.10 $ USD USD
€33.71 EUR EUR
0.13 CNY CNY/EUR CNY/EUR
26,590.00 TL Interest Interest
81.25 $ Fossil Oil Fossil Oil
22.84 $ Silver Silver
3.88 $ Copper Copper
118.72 $ Iron Ore Iron Ore
394.00 $ Ship Dismantling Ship Dismantling
2,032.54 TL Gold (gr) Gold (gr)

India's steel exports decrease in February 2023

India reduced its steel exports by 50% annually in February 2023. Steel production in the country decreased by 2.5% y-o-y for a month.

India's steel exports decrease in February 2023

Indian steel mills reduced their finished steel exports by 50 percent to 570 thousand tons in February 2023 compared to February 2022. Compared to January 2023, the product export volume decreased by 1.1%.

The reason for the decrease in India's processed steel exports is the decrease in interest in buying hot-rolled products originating from India due to the availability of competitive steel from the UAE on the market. When there are cheaper products on the market, buyers try to negotiate for lower prices. However, Indian steel producers are not willing to reduce production costs. The export volume to the European Union, India's largest consumer of rolled products, continues to increase in February.

In the 11 months of the 2022/2023 fiscal year (April 2022 – February 2023), the volume of finished steel exports from India decreased by 52 percent compared to the same period of the 2021/2022 fiscal year to 5.904 million tons. This decrease is thought to be due to the introduction of export duty in May 2022.

As of February 2023, crude steel production in India decreased by 9% compared to the previous month and decreased to 9.89 million tons. In addition, steel production also decreased by 2.5% y-o-y.

Between April 2022 and February 2023, Indian steelmakers increased their unrefined steel production by 4% to 113.44 million tons compared to the same period of the previous fiscal year.

Finished steel production in India during this period increased by 6% y-o-y to 109.35 million tons, while steelmakers produced 9.87 million tons of finished steel in February.

In February 2023, the consumption of processed steel in India reached 10.09 million tons, a decrease of 5% compared to the previous month and an increase of 11% compared to the previous year. The indicator for the 11 months of the 2022/2023 financial year increased by 12% compared to the previous year and reached 107.19 million tons.

The country's steel sector was seriously affected by the 15% export tax imposed on processed steel products last May. However, its cancellation in November 2022 made it possible to increase the export volume next month.

Comments

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

India's steel exports soar amid EU demand and global trends

Monday, February 26, 2024

Scrap prices in Taiwan fall due to global market shifts

Monday, February 26, 2024

Major Merger in Pakistan's Steel Sector

Monday, February 26, 2024

26th February Türkiye wire mesh prices are announced

Monday, February 26, 2024

ÇEMTAŞ aims to reduce carbon emissions by 26% by the end of 2024

Monday, February 26, 2024
Follow List
Expand
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
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