India’s HR/plates export surged by more than 100% while CRC exports increased by 3% in May’16 against previous month.
With the significant fall in global flat steel prices since latter half of 2015, exports became not-so viable for Indian manufacturers. With better sales realizations from domestic sales as compared to export market, steel players concentrated more on domestic market.
However, with sudden increase in global flat steel prices from March till early May, Indian exporters once again became active in the export market. The impact of the same can be seen in the form of increase in exports of both HRC and CRC.
As per country’s provisional customs data, India’s HR/plates export under HS code 7208 stood at 1,56,524 tonnes in May’16 which was just 19,493 tonnes in Apr’16. While, country’s CRC imports under HS code 7209 stood at 58,130 tonnes in May’16 against 56,284 tonnes in Apr’16.
According to Commerce Minister, Ms. Nirmala Sitharaman, government is likely to extend incentives in the form of interest subvention or any kind of incentives in the upcoming months in order to boost overseas shipments.
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