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

In January 2024, India's steel exports reached an 18-month high, surging to 1.1 million tonnes, propelled by increased demand from the European Union (EU) and favorable global prices.

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

It is highlighted that the significant role played by competitive domestic steel prices in driving the export growth. Notably, in January 2023, India exported 0.67 million tonnes of steel, indicating a substantial increase in outbound shipments.

It is attributed 67 percent of the January 2024 exports to robust restocking demand from the EU, marking the highest level observed in the past 18 months.

Furthermore, the price disparity between hot rolled coil (HRC) in India's trade segment and the global rate further boosted demand for Indian steel in global markets. While India's HRC was priced at Rs 54,300 per tonne, the global rate stood at USD 710 per tonne (approximately Rs 58,000).

Despite the impressive performance, Indian steel exports may face constraints or experience a slight decline in the near term due to a "global trade lull induced by the Chinese lunar holidays and Tet festival in Vietnam."

Nevertheless, the outlook for Indian steel exports remains optimistic, supported by strong demand from the European Union and competitive pricing.

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