The European Union (EU-27) saw a decline in crude steel production by 7.4% last year over CY’22 amid high energy prices, inflation, falling currencies and the overall slump in steel demand, encouraging steel imports at competitive prices from India. India’s flat steel exports have the highest exposure to Europe among its importing countries and it may be emphasised that galvanized exports to Europe alone rose a whopping 130% to 1.04 mnt last year compared to a far lower 0.45 mnt in CY’22.
