Exports of flat steel constitute an overwhelming share of total outbound shipments. At over 6.6 mnt, exports of flats constituted over 75% of total volumes in 2023, as per data. For the record, exports to the EU in February were over 748,000 t – around 66% of total shipments. The UAE and Vietnam were the other key buyers of Indian steel but volumes shipped to these countries were far lower compared with the EU. Steel shipments to the EU remained strong on active restocking demand before exhaustion of quotas. As per reports, exports to the EU were inflated due to the fact that Q1 (January-March, 2024) quotas have been exhausted by the Indian mills. Thus, the current Indian offers can be considered for Q2 (April-June) deliveries. This is against the backdrop of domestic supply tightness in the EU. As export prices to this geography had increased by around $16/t since December 2023, suppliers have been eager to target the EU.
