Exports of finished steel halve in June on 15% duty – Indian market

India’s completed steel exports for June decreased 53 percent year over year to 0.64 million tons from 1.4 million tons in the same period last year due to the government’s export levy, a slowdown in demand, and competitive pricing by Chinese suppliers.

On a monthly basis, shipments decreased by 19–20 percent. Around 0.80 million tons of steel were exported in May.

The finished steel exports for the first quarter of FY23, from April to June, are anticipated to decrease by close to 40% YoY, from 3.6 million tons to roughly 2.2 million tons.

“Indian mills have been severely impacted by poor demand in some important markets as a result of recessionary pressures and lower priced offerings by Chinese companies in export markets. The export price for Indian mills compared to Chinese mills is currently at least 10% higher after duty is applied. There were not many buyers of alloyed steel offerings, which are duty-free, either “said a trade source.

There may be a phased withdrawal, according to sources, even though there is some excitement about the review of the steel export duty.

The present argument is for the removal of taxes on flat steel, which is the main factor driving demand in the industry. Almost 80% of the exports from Indian steel mills are flat steel products.

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