SEATTLE (Scrap Monster): The quarterly shipments data from India for the June quarter suggests notable decline, mainly driven by recent hike in export duty on certain steel products by the country’s government.
The steel products shipment totalled 2.88 million tonnes (Mt) during the three-month period ended 30th June, 2022. This is significantly down by 40% from the year-ago quarter and by 26% from the sequential quarter. It must be noted that the exports had totalled 3.9 Mt in the first quarter of the current year and 4.8 Mt in the June quarter last year.
ALSO READ: CRISIL Foresees 40% Dip in Indian Steel Exports
On the other hand, the Chinese steel exports rose by 7.1 Mt to 20.3 Mt in Q2 this year. The exports stood higher when compared to 19.7 Mt in the year ago quarter. The sluggish demand in domestic market boosted the exports. The dip in exports from India too contributed to the increased Chinese exports. The country also benefited from reduced exports from Russia and Ukraine.
The Chinese steel production rose from 246 Mt in Q1 to 280 Mt in Q2 this year. On the contrary, India’s steel production registered marginal decline from 32 Mt to 31 Mt over the prior quarter. The major Indian steelmakers including Tata Steel, JSW Steel and Jindal Steel reported lower sales volume during the quarter.
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