Voters have voted in favor of Brexit: British exit from the European Union. 51.9 percent of votes supported the exiting from EU, against 48.1 percent votes for staying.
No one really knows what happens now, but it will certainly create political imbalances and currency fluctuation in near term.
Europe is a major destination for steel exports by Indian steel manufacturers. Europe contributes about 25 % of total Indian ferro alloys exports, specially silico manganese.
Similarly India also exports 30 % of flat steel to Europe.
India imports about 20% of scrap from Europe.
It is difficult to gauge the exact impact of BREXIT on Indian steel industry, but there will be some indirect impacts which will be cleared over a period of time.
Indian Steel Exports to Europe
| Product | H.S.Code | FY16 | FY15 | FY14 | FY13 |
| Ferro Crome | 7202 | 58,383 | 58,982 | 22,782 | 27,040 |
| Ferro Silico Manganese | 7202 | 154,131 | 254,198 | 290,217 | 396,296 |
| Ferro Silicon | 7202 | 16,145 | 27,224 | 18,169 | 8,074 |
| Ferro Manganese | 7202 | 27,829 | 6,467 | 23,779 | 34,226 |
| Stainless Steel Scrap | 7204 | 2,102 | 2,799 | 2,643 | 1,849 |
| Pig Iron | 7205 | 676 | 1,112 | 494 | 518 |
| Semi Finished Non Alloy | 7207 | 62,810 | 51,179 | 6,654 | 3,763 |
| HRC/Plate | 7208 | 165,175 | 470,749 | 691,611 | 559,760 |
| CRC | 7209 | 233,144 | 160,670 | 73,629 | 38,509 |
| Galvanished coated | 7210 | 482,491 | 519,062 | 510,023 | 300,212 |
| Electrical steel | 7225, 7226 | 40,626 | 4,049 | 3,882 | 402 |
| Non Alloy Bar & Rod | 7214 | 64 | 4,358 | 2,057 | 931 |
| Other Non Alloy Bar & Rod | 7215 | 2,215 | 2,123 | 1,797 | 1,377 |
| Wire Of Non Alloy Steel | 7217 | 2,528 | 3,289 | 3,478 | 2,415 |
| Alloy Bar & Rod | 7228 | 4,358 | 7,782 | 6,633 | 5,439 |
Source: Indian Customs
Qty in MT
Leave a Reply