Indian bar and rods exports increased by 95% during first nine months of 2017 against the same period in preceding year. According to data managed by SteelMint, bar and rods (under HS code 7213 & 7214) was recorded at 532,000 MT during Jan-Sep’17 against 272,300 MT in same period last year.
Nepal, Hong Kong, Myanmar & Singapore were the major export destination of Indian bar & rods which imported about 117,800 MT, 107,800 MT, 68,480 MT & 60,200 MT, respectively in 2017. India’s JSW being the largest exporter of bars and rods.
India produces around 35 million metric ton of bars and rod annually.
Falling Chinese steel exports
Over the last few years, Chinese steel mills flooded international markets with cheap steel, pressuring global steel prices. But situation is changing with rising domestic demand and stricter measures by Chinese government to curb pollution by eliminating low quality steel producers.
Chinese steel exports have been falling for the last few quarters. In the first ten months of 2017, China exported 64.6 million metric tons of steel, which is 30.6% lower than the corresponding period last year. The country’s steel exports have fallen on a year-over-year basis for 14 consecutive months.
Chinese steel prices have been strong this year. The average re-bar prices in China are currently hovering at around 4,900 yuan (USD 735) per metric ton, ex-Shanghai, which was around 3,500 yuan (USD 530) a year back. (Prices are inclusive of 17% VAT).
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