Steel exports from India hit the lowest level in a year and a half

Finished steel exports from India fell to the lowest level in nearly a year and a half in June, while production and consumption also fell in the month due to export duties, Argus pricing agency reported.

Preliminary figures from the Steel Ministry Joint Affairs Committee (JPC) showed that finished steel exports fell 53 percent year on year and 19 percent month on month to 638,000 tons in June. It also marked the lowest export volume since January 2021.

In the April-June period, exports of finished steel decreased by 38% compared to the same period of the previous year and decreased to 2.19 million tons. Exports increased compared to the same period last year as a second wave of Covid-19 weakened domestic demand. At the end of May, the Indian government blocked supply by imposing a 15% export duty on many steel products, including hot rolled, cold rolled and pig iron.