India’s steel exports were a bit of a no-show in financial year 2023-24 (FY’24). Volumes rose a marginal 1% to 8.82 million tonnes (mnt) against 8.75 mnt in FY’23, reveals data maintained with BigMint. Europe continued to lead the exports charts in FY’24 with a 59% increase to 4.33 mnt (2.73 mnt) on the back of the quota fulfilment spree, despite the lukewarm demand from this geography. Vietnam saw a steep 54% y-o-y drop to 0.40 mnt (0.88 mnt) as buyers here preferred cheaper Chinese imports. Volumes to the US fell a significant 49% to 0.22 mnt (0.43 mnt) as this market is getting stifled by high interest rates. Buyers in the UAE also preferred cheaper Chinese material, dragging down Indian imports 31% to 0.53 mnt (0.77 mnt).
