According to the steel ministry report, exports nearly decreased to half in the April-December period (54% year-on-year decline). This was due to global recession pressures and the previous impact of the tariff on exporters.
As a measure to combat inflation, a 15 percent export tax was introduced in May. In the first nine months of 2022, steel exports, which were 10.33 mt in the previous fiscal year, decreased to 4.74 million tons (mt). According to the report, India exported 442,000 tons in December compared to 338,000 tons in November. Despite a 27% increase in imports and a decline in exports in the first nine months of 2022, India was a net exporter of steel. Europe received more requests in December and deliveries are scheduled for January.
It is reported that Indian hot rolled coil producers withdrew their current offers from the market in December, in anticipation of better prices in January.
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