India's finished steel exports in January rose by 56pc from a year earlier, as steel producers lowered offers to attract international buyers following muted domestic consumption. Exports of finished steel rose to 814,000t, up by 2pc compared with the previous month. Total finished steel exports during April-January increased by 26pc to 11.1mn t, provisional data from the steel ministry's joint plant committee (JPC) show. Finished steel comprises alloyed and non-alloyed steel. India's finished steel consumption dropped by 5.1pc from a year earlier to 9.65mn t in January as Covid-19 restrictions weighed on the market. Indian steel producers also reduced hot-rolled coil (HRC) export offers to as low as $750/t last month, following a sharp fall in exports in previous months. The UAE was the top export destination for finished steel in January with about 81,000t, according to Argus calculations, followed by Vietnam with 61,000t and Nepal with 53,000t.
Flat product exports accounted for 82pc share of total non-alloyed finished steel shipments in January, with HRC and strips accounting for the major share, followed by plates and galvanised sheets and coil. Paradip port in east India's Odisha state saw the largest exports during January with about 173,000t, followed by Goa port on the west coast with 103,000t. India's finished steel imports during January dropped by 23pc from a year earlier to 450,000t but rose by 14pc from the previous month. April-January finished steel imports edged 3pc higher to 3.91mn t. Most finished steel imports during January came from South Korea with about 212,000t, followed by China with 70,000t and Indonesia with 50,000t, according to Argus calculations. Mumbai port registered the most imports with 170,000t, followed by Mundra with 95,000t and Chennai with 63,000t. Imports of flat products accounted for 99pc of total non-alloyed finished steel in January, with major imports comprising HRC and strips, followed by electrical sheets and galvanised sheets and coil.