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Steel News July 05, 2024 01:00:45 PM

Indian Steel Exports Struggle Against China’s Ultra-Cheap Shipments

Paul Ploumis
ScrapMonster Author
China exported around 94mt of iron and steel products globally in the calendar year 2023, a 38% increase over 2022, according to a recent Crisil report.

Indian Steel Exports Struggle Against China’s Ultra-Cheap Shipments

SEATTLE (Scrap Monster):  Indian steel exports are struggling and are likely to face continued challenges, as overcapacity and weak domestic demand in China prompt the world's second-largest economy to flood the global market with ultra-cheap steel.

India's steel exports in May 2024 were recorded at 0.5 million tonnes (mt), nearly 25% lower month-on-month (m-o-m) from around 0.66mt in April, per provisional data available with BigMint, a market research and consultancy firm.

“The steel export market is currently distorted and lacks attractiveness due to China’s continued strategy of flooding the global market with low-priced steel. Low domestic demand in China is leading to substantial exports at prices below the cost of production,” Ranjan Dhar, director and vice-president, sales & marketing, ArcelorMittal Nippon Steel India (AM/NS India), told Mint.

According to a report by BigMint, export prices of hot-rolled coil coming from China have fallen to $520 per tonne from $525 per tonne within a week, leading to a continued pressure on global steel prices. In comparison, Indian export prices hovered in a range of $650-$660 ( ₹54,500- ₹55,000) per tonne, higher than China's rates.

China's crude steel production rose 8.1% m-o-m to 92.86mt in May, from 85.94mt in April. In May last year, China's crude steel production stood at 90.4mt.

China exported around 94mt of iron and steel products globally in the calendar year 2023, a 38% increase over 2022, according to a recent Crisil report. “This number may likely rise to more than 100mt this calendar year,” said Dhar.

This also means an uptick in exports from China to India. According to a steel ministry report, value of Chinese steel exports to India rose from $391.67 million in March to $434.01 million in April this year.

Courtesy: www.livemint.com

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