India's finished steel exports in November fell to their lowest level in the current 2021-22 fiscal year ending 31 March, as falling international steel prices made Indian offers uncompetitive and imports also dropped on sluggish domestic demand. Exports of finished steel at 721,500t in November dropped by 32pc from the previous month but were up by 20.7pc on a year earlier. Total finished steel exports during April-November rose by 23.8pc to 9.53mn t, provisional data from the steel ministry's Joint Plant Committee (JPC) showed. Finished steel comprises alloyed and non-alloyed steel. Indian steel prices remained at elevated levels last month on the back of higher raw material costs, while Chinese steel prices fell on weaker demand. Vietnam was the top export destination for finished steel with 1.29mn t during April-November but exports to the country were down by 30pc from a year earlier. Shipments to Italy and Belgium doubled and nearly quadrupled from the previous year respectively. Flat product exports accounted for an 84pc share of total non-alloyed finished steel shipments in November, with hot-rolled coil (HRC) and strips accounting for the major share. Magdalla port in Gujarat saw the largest export volume during April-November with 1.16mn t, followed by Paradip at 1.11mn t and Goa at 1.07mn t.
India's finished steel imports fell by 17.5pc against the previous month and by 11.1pc from a year earlier to 311,800t during November. April-November finished steel imports rose by 13.5pc to 3.06mn t. Most finished steel imports came from South Korea with 1.29mn t, followed by China with 532,000t and Japan with 478,100t. The main imports from South Korea were for HRC and strip, while cold-rolled coil and sheets were mostly imported from China and galvanised plain and corrugated sheets and coil from Japan. Imports of flat products accounted for 97pc of total non-alloyed finished steel ship-ins in November, with the main imports comprising electrical sheets, closely followed by HRC and strips. Mumbai recorded the most imports with 912,000t during April-November, followed by Chennai with 562,300t and Mundra with 553,400t.