New Delhi, Feb 26 (KNN) In January 2024, India's monthly steel exports surged to a remarkable 1.1 million tonnes, marking an 18-month high, driven by increased demand from the European Union and favourable global prices, as reported by SteelMint.

The research firm also noted that competitive domestic steel prices played a significant role in boosting exports, according to its latest report.

Comparatively, January 2023 saw outbound steel shipments totalling 0.67 million tonnes, according to data from SteelMint.

Explaining the surge in exports, SteelMint highlighted that a substantial 67 per cent of the 1.11 million tonnes exported in January were attributed to robust restocking demand from the European Union, marking the highest level observed in the past 18 months.

Additionally, the price disparity between hot rolled coil (HRC) in India's trade segment and the global rate, with India's HRC priced at Rs 54,300 per tonne compared to the global rate of USD 710 per tonne (approximately Rs 58,000), further fuelled demand for Indian steel in global markets.

Looking ahead, SteelMint cautioned that Indian steel exports may face constraints or experience a slight decline in the near term due to a “global trade lull induced by the Chinese lunar holidays and Tet festival in Vietnam.”

Despite the potential challenges, the outlook for Indian steel exports remains optimistic, buoyed by strong demand from the European Union and competitive pricing.

(KNN Bureau)