India’s steel exports showed a steep 44% drop to 10.37 million tonnes (mnt) in 2022 against 18.50 mnt seen in 2021, reveals SteelMint data. All the three top importing geographies – Middle East & Africa, Europe and Southeast Asia – showed a y-o-y drop.
The Middle East & Africa region emerged as the highest importer in the period under review at 3.28 mnt, showing a slight drop of 7% from 3.54 mnt in the preceding year. India’s tier-1 mills, hamstrung by the export tax and overall low demand, had resorted to boron-added hot rolled coils (HRCs) exports post-May to the Middle East, although these eventually found few takers here. Moreover, Indian mills had to compete with China’s aggressive pricing in this market.
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