India Emerged as Net Exporter of Steel in Fiscal 2019-‘20

SEATTLE (Scrap Monster): The latest data published by India’s Ministry of Steel states that the country continued to remain a net exporter of steel during the 2019-’20 fiscal year that ended 31st March, 2020.

The finished steel exports by the country recorded substantial surge by 31% from the previous fiscal year to total 8.35 million tonnes. The product with highest volume of exports was hot-rolled coil (HRC). The HRC exports by the country totalled 4.8 million tonnes, recording a jump of 17.5% year-on-year. Almost 49% of the HRC exports out of the country were to Vietnam. The monthly HRC exports too were up by 9.3% in March 2020 to 328,000 tonnes, ministry data said.

The primary importer of steel products from India was Vietnam. The imports by Vietnam totalled 2.33 million tonnes, accounting for almost 28% of the total Indian exports. The imports by that country were up by 28% over the previous year. The other key export market destinations were Nepal, the UAE, Italy and Belgium.

Meantime, Indian steel imports, at 6.76 million tonnes, recorded notable decline by 13.6% year-on-year.

According to industry participants, the anticipated delay in deliveries on account of disruptions in production and bottlenecks in logistics may likely result in low steel exports during the early few months this fiscal year.

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