India's Steel Exports Surge, Reaches An 18-Month High In January

India's Steel Exports Surge, Reaches An 18-Month High In January

Competitive domestic prices of steel contributed to rise in export, the research firm said in its latest report.

PTIUpdated: Sunday, February 25, 2024, 02:38 PM IST
article-image
Representative Image | Image by sawaeng wonglakorn from Pixabay

India's monthly steel exports hit a 18-month high to 1.1 million tonne in January 2024 on increased demand from the European Union and supportive global prices, SteelMint said.

Besides, competitive domestic prices of steel contributed to rise in export, the research firm said in its latest report.

The outbound shipment of steel in January 2023 was 0.67 million tonne , as per SteelMint data.

Restocking leads to surge

On reasons behind the surge in exports, SteelMint said, "good restocking demand from the European Union (EU) contributed 67 per cent of the 1.11 MT (export) in January. It was highest in last 18 months." While the price of hot rolled coil (HRC) in India's trade segment was at Rs 54,300/a tonne, the global rate was USD 710 per tonne (about Rs 58,000).

This factor also contributed to the demand for Indian steel in the global markets.

Overall, Indian steel exports may remain largely range-bound or fall slightly in the near term because of the "global trade lull induced by the Chinese lunar holidays and Tet festival in Vietnam," SteelMint said.

RECENT STORIES

BSE Gets SEBI's Approval For June 19 Expiry For Derivatives Contracts

BSE Gets SEBI's Approval For June 19 Expiry For Derivatives Contracts

Siemens In Consortium Bags ₹4,100 Crore Contract From National High Speed Rail Corporation

Siemens In Consortium Bags ₹4,100 Crore Contract From National High Speed Rail Corporation

SEBI Bans Market Expert Sanjiv Bhasin, 11 Others From Giving Advice On TV & Social Media Over Stock...

SEBI Bans Market Expert Sanjiv Bhasin, 11 Others From Giving Advice On TV & Social Media Over Stock...

Gold Declines ₹1,200/10 Grams Amid Weak Global Trends

Gold Declines ₹1,200/10 Grams Amid Weak Global Trends

PM Kisan 20th Installment Date Confirmed, ₹2,000 Will Soon Come In The Bank Accounts; Are Your...

PM Kisan 20th Installment Date Confirmed, ₹2,000 Will Soon Come In The Bank Accounts; Are Your...