China emerged as India’s biggest steel export destination during the first half of the fiscal year 2020-21 (April-September) with 1.9 million mt shipped, up from 2,500 mt during the corresponding period of the previous fiscal year, according to data of the Joint Plant Committee (JPC) under India’s steel ministry, the sole official compiler of industry data.
During the period, China replaced Vietnam as India’s biggest steel export destination. Indian exports of steel to Vietnam during the first half of the current fiscal were estimated at 1.61 million mt, up from 1.04 million mt during the corresponding period of the previous fiscal year, JPC data showed.
In H1 FY 2020-21, India also emerged as a net exporter of steel, exporting 6.54 million mt, up 66.3 percent year on year. Of the total Indian steel exports, hot rolled coil (HRC) formed the bulk of the volume – up to 70 percent.
Imports during the period came to 1.99 million mt, down 50.6 percent year on year.
However, in September Indian steel exports showed signs of tapering off on the back of rising domestic demand from key industries like automotive and consumer durables.
The JPC data show that exports in September declined by 16.8 percent from August and 15.2 percent from September 2019. Total September exports were recorded by JPC at 864,000 mt.