India's steel exports decreased by 5% to 1.2 million tons in the April-June period compared to the same period last year. In the previous quarter, this figure stood at 1.3 million tons. The decline in demand in the European Union was a key factor during this period.
The country's net import volume of steel products reached 1.4 million tons, surpassing exports by approximately 0.2 million tons. As a result, India shifted to a net importing position during this period.
Big Jump in Steel Shipments to the US
The most notable increase was in the US market. Shipments to the US increased by 200% from 23,400 tons to 71,000 tons, mainly due to exports of stainless steel, alloyed products, and bars.
Mixed Trends in the EU Market
The European Union accounted for 48% of India's total steel exports, amounting to 0.57 million tons. However, total shipments to the EU decreased by 3% y/y to 0.6 million tons.
Belgium was an exception to this downward trend. Shipments to the country increased by 41% to 0.23 million tons, while Spain also saw a 36% increase to 0.12 million tons. On the other hand, exports to Italy decreased by 40% to 0.17 million tons. France, Sweden, Portugal, and Poland were also among the countries that saw declines.
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