India reduced the export of rolled steel by 55% y/y in April-October 2022

In the first 7 months of the 2022/2023 financial year (April-October), India reduced its exports of rolled steel by 55% y/y – to 4 million tons. Reuters reports about it with the reference to the data of the country’s government.

The fall was seen against the background of the introduction of export duties in May 2022, due to which major Indian steel mills delayed shipments. In addition, steel consumption fell in the main markets.

The production of rolled products in April-October 2022 increased by 6.4% y/y – up to 68 million tons, consumption – by 11.4%, up to 65.5 million tons, compared to the same period last year.

In the 7 months of the 2022/2023 financial year, India imported 3.2 million tons of rolled steel, which is 14.5% more compared to the previous year. Steel production in April-October increased by 5.3% y/y – up to 71.3 million tons.

Steel demand in India is expected to remain stable in the second half of FY2022/2023. The stimulus for steel consumption in the country is, in particular, state capital investments in infrastructure, there is also a revival in the automotive sector.

As GMK Center reported earlier, during the first half of the 2022/2023 financial year, rolled steel export from India fell by 54% y/y – to 3.6 million tons. Steel production by Indian steel mills in April-September 2022 increased by 7% compared to the same period last year – up to 61.45 million tons.