India's steel exports in May drop to lowest in 3 years
2019-06-28 11:41:31 [Print]
India's finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data showed.
India exported 319,000t of finished steel in May, down 28% from the same month last year and the lowest level since April 2016, the data showed.
Steel exports to the EU dropped 55% in May, led by fewer shipments to Italy, Belgium and Spain, which together accounted for about 80% of India's overall exports to the region.
That comes amid safeguard measures by the EU that are designed to limit incoming steel and prevent a surge of imports as a result of Washington's 25% import tariffs, which have effectively closed the U.S. market.
According to the data, Indian exports to Italy slumped 65% to 23,000t; exports to Spain fell 41% to 13,000t, while shipments to Belgium were down 42% at 25,000t.
Meanwhile, India's exports to Nepal, the top destination last year, were down 22% at 63,000t.
Shipments were also substantially lower to Malaysia and Sri Lanka, which were among the top 10 export destinations last year.
Exports of steel plate, which is one of the flat products that comprise most of India's steel exports, decreased by 60% to 14,000t, the data showed.
Shipments of pipes, which are typically the main steel product exported to the United States, were down by 97% to 2,000t.
Overall, India's finished steel exports dipped by 30% during April-May and the country remained a net importer.
India exported 319,000t of finished steel in May, down 28% from the same month last year and the lowest level since April 2016, the data showed.
Steel exports to the EU dropped 55% in May, led by fewer shipments to Italy, Belgium and Spain, which together accounted for about 80% of India's overall exports to the region.
That comes amid safeguard measures by the EU that are designed to limit incoming steel and prevent a surge of imports as a result of Washington's 25% import tariffs, which have effectively closed the U.S. market.
According to the data, Indian exports to Italy slumped 65% to 23,000t; exports to Spain fell 41% to 13,000t, while shipments to Belgium were down 42% at 25,000t.
Meanwhile, India's exports to Nepal, the top destination last year, were down 22% at 63,000t.
Shipments were also substantially lower to Malaysia and Sri Lanka, which were among the top 10 export destinations last year.
Exports of steel plate, which is one of the flat products that comprise most of India's steel exports, decreased by 60% to 14,000t, the data showed.
Shipments of pipes, which are typically the main steel product exported to the United States, were down by 97% to 2,000t.
Overall, India's finished steel exports dipped by 30% during April-May and the country remained a net importer.
