Steel exports from India jump by 13% in April

New Delhi, May 6 (KNN) Beginning the new fiscal year on positive note, India’s steel mills exports recorded a rise by 13 per cent in April.

This growth is as compared to the same month last year while there was a 5 per cent rise in exports sequentially (April vs March), reported businessline.

Finished steel exports in April stood at 0.855 million tonnes (mt), as per provisional numbers available with Steel Ministry. 

As against this, exports in the year-ago period (April 2022) was 0.761 mt. In March, exports were 0.812 mt.

Global markets are still stressed with respect to export offers and remain volatile, steel mill officials say.

However, imports (shipments coming into the country) for the month saw a sharp spike. 

Imports were up 38 per cent on a YoY basis to 0.46 mt (against 0.333 mt); while on a sequential basis, imports rose 7 per cent. 

Finished steel include non-alloyed offerings, alloyed offerings and stainless steel. 

It does not include semis like billets, ingots and so on.

With price of hot rolled coils dropping in India’s domestic market and there being a fall in export prices for May first week deliveries – in the range of 2-4 per cent – the industry continues to be jittery about imports.  (KNN Bureau)