India's finished steel exports rose to a record high in the April 2021-March 2022 financial year as higher international prices prompted Indian mills to boost shipments. Exports of finished steel rose by 25pc on the year to 13.5mn t in 2021-22 compared with 10.8mn t in the previous financial year, provisional data from the steel ministry's joint plant committee (JPC) show. Finished steel comprises alloyed and non-alloyed steel. Vietnam was the top export destination during the year, taking 1.7mn t of shipments, although this was lower by 23pc on the year. Italy and Belgium emerged as the next top buyers with 1.3mn t and 1.1mn t respectively, while exports to the UAE rose by over 50pc on the year to 1.3mn t and to Turkey by more than 3,000pc to 985,200t. Finished steel exports in March dropped by 8pc on the year to 1.2mn t. The highest shipments last month were to Turkey at about 210,000t and UAE at around 136,000t, according to Argus calculations.
India's highest monthly export in the financial year was 1.5mn t in July 2021, after the second wave of Covid-19 infections in the country dented domestic demand. Indian steel mills also increased their exports to Europe last month following a supply crunch in the region because of the Russia-Ukraine conflict, while lower prices in southeast Asia kept India out of the Vietnamese market. Flat product exports accounted for 81pc of total non-alloyed finished steel shipments in the financial year, 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 in 2021-22 with 1.9mn t, followed by Goa and Magdalla port in Gujarat. Finished steel imports during 2021-22 fell by 2pc on the year to 4.7mn t, with highest volume coming from South Korea at 2mn t, followed by China and Japan at 832,600t and 664,200t respectively. March finished steel imports dropped by 30pc on the year to 351,000t. Mumbai port recorded the most imports during the financial year with 1.47mn t, followed by Mundra with 879,600t and Chennai with 818,000t. Flat products accounted for 95pc of total non-alloyed finished steel imports in 2021-22, with most of the imports comprising HRC and strips, followed by galvanised sheets, coil and electrical sheets.