India

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MENA rebar producers are losing $50-70 million per month due to changes in global trade flows

Exporters from India, Turkiye and the Russian Federation are more active in the MENA market

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

During the 8 months of t2022 financial year, the country increased the import of rolled steel by 22.5% y/

India has included steel in the export promotion scheme

Export benefits will be applied until September 30, 2023

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It will take decades to produce green steel in Asia — BHP

About 72% of steelmaking facilities under construction in the world are blast furnaces

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India increased steel imports from the Russian Federation to a 4-year high in April-October 2022

In 7 months of 2022, Russian steel exports to India increased by 4.4 times y/y – up to 149 thousand tons

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Turkish steelmakers fear India’s entry into the local steel market

The abolition of the export duty on steel in India may increase the import of cheaper products to the domestic market of Turkiye

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The abolition of export duties will give impetus to the growth of Indian steel industry

In the future, this step may affect the European steel market

India lifted export duties on some steel products

The country's government has returned import duties on coke and coking coal

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India is considering including steel in its export promotion scheme

The steel sector will need almost $244 million a year for compensation

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India almost did not exported iron ore in October 2022

The reason was high export duties and a decrease in demand from China

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

The production of rolled products in this period increased by 6.4% y/y

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India cut iron ore production by 3% in January-September 2022

The decrease in iron ore production occurred as a result of the introduction of export duties on finished steel and steel raw materials

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