A key reason that helped push up FY22 exports was China’s subdued exports activity in the second half of last fiscal on the back of the exports rebate withdrawals. The markets serviced by China, especially Turkey and the UAE, moved to India, especially for flat products. China’s exports de-focus indirectly allows other exporting countries, especially India, to cash in on this trend since it was a large exporter of CRCs, galvanized, and colour-coated items to Latin American nations. These markets shifted to India post-China’s withdrawal of exports rebates. Moreover, the production cuts in China encouraged downstream usage of domestic material.
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