India’s finished steel exports, including semis, dropped 34% to 3.78 million tonnes (mnt) in the first quarter (April-June, 2022) of the current financial year (FY2022-23) compared to 5.77 mnt seen in the year-ago quarter.
Mostly all importing countries showed a y-o-y decline amid tepid home demand, rising energy prices, and inflation. But Vietnam showed the steepest 64% drop in imports from India to a mere 0.14 mnt in Q1FY23 against 0.39 mnt in Q1FY22, mainly for two reasons. One, decline in European demand eroded Vietnam’s exports of value-added steel. Two, its end-users preferred competitively priced domestic material.
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