India’s hot-rolled coil exports rise in November

India's exports of hot-rolled coil (HRC) rose by 231pc on the year to 533,000t in November.

Weak domestic consumption and rising global prices made exports attractive for Indian steelmakers.

India's total steel demand in November edged up by a marginal 0.06pc on the year to 7.35mn t, while exports during the month surged by 80pc to 867,000t.

Steel exports rose by 33.5pc on the year to 5.73mn t in the April-November period of the 2019-20 fiscal year that started on 1 April. HRC exports increased by 98.4pc to 3.41mn t.

Around 49pc of India's total HRC exports went to Vietnam. India's steel exports to Vietnam during April-November were up by 310pc to 1.7mn t. Vietnam was followed by Nepal and the UAE as the top destinations for Indian HRC.

India's steel exports outpaced imports, which dropped by 5.3pc to 5.07mn t during April-November. HRC imports also fell by 1.9pc to 1.29mn t during this period.

A number of anti-dumping duties and other tariff barriers have made the Indian market unattractive to overseas suppliers. India's HRC imports in November plunged by 40.5pc to 65,000t.

Total steel imports from South Korea during April-November increased marginally by 1.1pc to 1.94mn t. China's steel exports to India dropped by 19.2pc to 933,000t over the same period, while exports from Japan to India declined by 15pc to 800,000t.

By Charlotte Rao

source: Argus Media