Vietnam Emerged as India's Top Steel Export Destination

SEATTLE (Scrap Monster): The provisional data released by the Joint Plant Committee (JPC) indicates that Vietnam emerged as the largest export destination of finished steel products from India during the fiscal year 2021-22.

During the fiscal year, nearly 170 million mt of finished steel products were shipped from India to Vietnam. This was significantly down by approximately 23%, when compared with the prior fiscal. The dip was mainly on account of sharp decline in imports of hot-rolled coil (HRC). The HRC exports to Vietnam witnessed notable decline by 21.3% from 2.11 million mt the year before to 1.66 million mt in fiscal 2021-22, JPC data said.

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The reduced dependence on HRC imports by Vietnam was mainly due to increased production of the material by Hoa Phat from its HRC mill at Dung Quat steel complex, which recorded the first full year of operations. The HRC production from the mill more than tripled from 700,000 mt in 2020 to nearly 2.6 million mt in 2021.

The second largest importer of Indian finished steel products was the UAE. The country imported 1.27 million mt during the fiscal, significantly higher by 52.7% from the year before. The other largest export destinations were Italy, Belgium and Turkey. The exports to Turkey recorded 35-time spike, driven by notable surge in HRC demand.