India's finished steel exports in February surged by 77pc from a year earlier on higher demand from international markets and amid China's absence from the export market early last month on account of the lunar new year holiday. Exports of finished steel also rose by 42.1pc on the month to 1.16mn t, provisional data from the steel ministry's joint plant committee (JPC) show. Finished steel exports during April 2021-February 2022 rose by 30pc compared to the same period a year earlier, to 12.3mn t. Finished steel comprises alloyed and non-alloyed steel. Vietnam was the top export destination for finished steel in February with about 192,000t, followed by Turkey at 129,000t and the UAE at 104,000t, according to Argus calculations. Demand for Indian steel rose in the international market last month with China being away from the export market in early February because of the lunar new year holiday. Interest from the EU and Turkey also rose. Meanwhile, India's finished steel consumption in February dropped by 10.6pc from a year earlier to 8.59mn t, while finished steel output inched higher by 0.4pc from the previous year to 9.09mn t last month, JPC data show.
Flat product exports accounted for 79pc of total non-alloyed finished steel shipments in February, with hot-rolled coil (HRC) and strips accounting for the majority share, followed by plates and galvanised sheets and coil. Paradip port in east India's Odisha state saw the largest amount of exports during February with about 270,500t, followed by Dhamra port in the same state at 126,400t, according to Argus calculations. India's finished steel imports during February fell by 11pc from a year earlier and by 9pc on the month to 411,000t. April 2021-February 2022 finished steel imports inched up by 1.6pc from the same period a year earlier, to 4.32mn t. Most finished steel imports during February came from South Korea, at about 180,000t, followed by China with 88,000t and Japan with 59,000t, according to Argus calculations. Mumbai port recorded the most imports with 160,000t, followed by Mundra with 84,000t and Chennai with 48,000t. Imports of flat products accounted for 92pc of total non-alloyed finished steel in February, with most imports comprising of HRC and strips, followed by galvanised sheets and coil and cold rolled coils and sheets.