India's wire rod exports have decreased

In the first six months of 2023, India's wire rod exports decreased by 70% y-o-y to 130,000 tonnes.

Nepal used to be the main destination for India's wire rod exports, but demand from Nepal has been slowly decreasing recently. India's wire rod exports to Nepal stood at around 260,000 tonnes in 2021, which decreased to 82,000 tonnes in 2022. In the first five months of 2023, the volume decreased to 76,000 tonnes. This was mainly due to Nepal facing high inflation and a reduction in foreign exchange reserves, which affected the export of letters of credit.

As of June 2023, wire rod production in India was 3.39 million tonnes.