Indian Finish long steel exports moved up by 4% in Aug’19, as per the custom data maintained with SteelMint.
Finish long steel exports were registered at 115,539 MT in Aug’19 increased by 4% as against 111,610 MT in Jul’19. Also on yearly basis exports uptick by 1.23% in Aug’19 as against 114,135 MT in Aug’18.
Factors behind increase in exports could be dull domestic demand and slow offtake in domestic market which resulted mills to push volumes in export.
Also improved procurement comes from upcoming projects with prospects funding from neighboring nations like China which came with BRI (Belt & Road Initiative).
Further the minister for investment and foreign economic relations of Myanmar said at recent summit in Singapore that coming year economy is expected to grow by 6.8% which is currently exist at 6.6%.
Commodity wise- Rebar export registered at 73,242 MT in Aug’19 surged by 33% as against 54,993 MT in Jul’19 followed by Structure 22,954 MT in Aug’19 surge by 10.54% against previous month i:e; 20,765 MT in Jul’19 and wire rod export plunged by 46% to 19,343 MT in Aug’19 against 35,851 MT Jul’19.
Country wise- Hong Kong stood as top importer of finish long steel from India and on M-o-M basis it’s registered at 56,669 MT in Aug’19, enlarged by 40% against 40,553 MT in Jul’19 followed by Nepal 30,712 MT in Aug’19 (-34%) as against 46,833 MT in Jul’19.
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