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Research & Insights
23 Nov 2021 | 06:49 UTC
By Clement Choo
Highlights
Annual growth up due to lower base in Oct 2020
Automotive industry demand fell
India's finished steel exports in October sank 22.1% on the month to 1.06 million mt while imports fell 7.6% month on month to 378,000 mt, latest provisional data from the Joint Plant Committee showed Nov. 22.
Year-on-year, the exports and imports were up 90.1% and 4.4%, respectively, in October.
The annual increases were due to lower base in October 2020, when imports fell 42.4% while exports shed 41.6% against October 2019 as local manufacturing picked up, which led to several steelmakers reducing their export availability.
The monthly decline in imports was due to lower automotive industry demand. India manufactured 2.21 million vehicles in October, a 21.9% plunge year on year, data from the Society of Indian Automobile Manufacturers, or SIAM, showed Nov. 12.
Finished steel consumption stood at 8.75 million mt in October, 6.9% lower from the year-ago month, but offset by an identical 6.9% increase against September 2021.
"Manufacturers were banking on the festive season to recover from the severe drop in sales they have faced in early part of financial year 2021-22," Rajesh Menon, director general of SIAM said, attributing the fall to a shortage of semiconductor chips and a steep hike in raw material costs.
Indian finished steel exports totaled 8.81 million mt over April-October, the first seven months of the Indian financial year, up 24.1% year on year, while imports were at 2.75 million mt, up 17.2% from the year-ago period.
Vietnam topped the list of export destinations at 1.16 million mt over April-October, down 33% from the previous year, but offset by surging demand from Italy at 968,400 mt and Belgium at 900,500 mt, up 2.53 times and 4.21 times on the year, respectively.
Turkey emerged as a major destination with 525,900 mt of Indian finished steel exports, more than 40 times the 13,000 mt delivered the year before.