Exports from Indian steel mills climbed by 31% in December over November, reflecting improved sentiment following the Center’s removal of export taxes on November 19. Key exports of non-alloyed steel experienced their largest sequential gain this fiscal year in December (271%) (over the prior month), while exports of alloyed steel fell by half. The steel ministry said that exports for the period of April to December practically halved (down 54% year over year) due to the effects of the global crisis and the earlier impact of duty levies on exporters.
In May, a 15% export tax was imposed as an anti-inflationary policy.
Steel exports for the first nine months of FY23 fell precipitously from 10.33 million tonnes (mt) in the same period of the previous fiscal to 4.74 million tonnes (mt). According to the study, India exported 442,000 tonnes in December as opposed to 338,000 tonnes in November. Exports of alloyed steel were at 324,000 tonnes in December (81,000 tonnes in November), while non-alloyed exports came in at 118,000 tonnes (251,000 tonnes in November).
“After the announcement of the removal of export duties, sentiment clearly improved. These will take some time to show up in the stats. European inquiries soared in December, and shipments are scheduled to arrive in January. Order placements were a little lower than anticipated because the Western world is about to enter the holiday season.
