Indian steel exports edge higher in December

India's finished steel exports picked up in December as shipments rose after steel producers lowered offers to attract buyers.

Exports of finished steel of 798,000t in December rose by 11pc from the previous month and by 29pc on the year. Total finished steel exports during April-December rose by 24pc to 10.3mn t, provisional data from the steel ministry's joint plant committee (JPC) show. Finished steel comprises alloyed and non-alloyed steel.

Exports in November had fallen to their lowest level in the current 2021-22 fiscal year ending 31 March as Indian offers were uncompetitive.

Muted domestic demand and falling international prices prompted Indian steel producers to lower their export offers in December.

UAE was the top export destination for finished steel in December with about 139,000t of shipments, by Argus calculations, followed by Nepal with 90,000t and Vietnam with 47,000t.

Flat product exports accounted for 75pc share of total non-alloyed finished steel shipments in December, with hot-rolled coil (HRC) and strips accounting for the major share, followed by galvanised sheets and coil. Paradip port in east India's Odisha state saw the largest export volume during December with 124,000t, followed by Goa state on the west coast with 109,000t.

India's finished steel imports rose by 27pc against the previous month but fell by 23pc from a year earlier to 395,000t during December. April-December finished steel imports rose by 8pc to 3.46mn t.

Most finished steel imports in December came from South Korea with 169,000t, followed by China with 92,000t and Japan with 45,000t, according to Argus calculations. Mumbai recorded the most imports with 128,000t in December, followed by Mundra with 72,000t and Chennai with 69,000t.

The Indian government turned down a recommendation to renew anti-dumping duties on hot-rolled and cold-rolled steel products from seven countries earlier this month.

Imports of flat products accounted for 97pc of total non-alloyed finished steel ship-ins in December, with the main imports comprising HRC and strips, closely followed by electrical sheets and galvanised sheets and coil.

By Sumita Layek