SEATTLE (Scrap Monster): The finished steel exports from India recorded notable decline by 75% over the previous year in July 2022. The country exported only 1.56 million tonnes of finished steel during the month. When compared with the prior month, the exports witnessed a decline by 41%.
This is the fourth straight month of decline in exports of the commodity. The fall in exports is primarily attributed to the combined effect of export duty, seasonal weakness in demand and global slowdown in commodity cycle.
The exports of non-alloyed steel products, which totalled 1.382 million tonnes, declined the most. The prime export offering recorded an 89% dip in July, when matched with the same month last year. The Apr-July ’22 exports totalled 2.041 million tonnes, as compared with 4.707 million tonnes during the same period last fiscal.
The cumulative exports during the initial four-month period of the current fiscal fell by 49% over the corresponding period during the previous fiscal. The month-on-month dip in export volumes indicates the continuing pressure on demand.
On the contrary, alloyed steel and stainless steel exports surged higher by 33% month-on-month and 72% year-on-year respectively. The alloyed/stainless steel export totalled 2.32 million tonnes in July this year, compared with 1.30 million tonnes in the same month a year before.