India's November exports of finished steel fell 31.1% year on year, the third straight month of decline, as strong local demand left less material for overseas markets, provisional data from the Joint Plant Committee showed on Dec. 21.
"...the progressive unlocking of the economy and improving economic activities leading to better domestic demand have resulted in (a) decline/moderation in export(s)..," a report from the Indian steel ministry showed.
November exports totaled 597,600 mt, which took overall exports from April -- the start of the Indian financial year -- until November, to 7.70 million mt, a 33.8% spike from the year before.
The bulk of the exports comprised hot-rolled coils/strips amounting to 5.13 million mt, which by itself was 50.5% higher against April-November 2019.
The spike in exports was due to demand from China, which received 2.05 million mt of steel from India during the eight-month period, about 33 times higher than the 62,100 mt sent in 2019.
As such, China was the leading destination for Indian steel during the eight months, followed by Vietnam at 1.84 million mt, which was up 7.8% year on year.
In contrast, India's steel imports during the eight months sank 46.9% year on year to 2.70 million mt after November's imports fell 27.3% annually to 326,900 mt.
Despite the annual fall for November, India remained a net exporter of steel with a surplus 270,700 mt over imports and is likely to end the financial year as a net exporter as the April to November surplus was 5.0 million mt.
