India's steel exports to remain robust as China reduces production capacity

Posted by Daily Shipping Times on 27-03-2018        Tweet

NEW DELHI: India’s steel exports are expected to remain strong, especially with higher global prices amid falling Chinese shipment, as Beijing focuses on cutting around 30 million tonnes of excess annual capacity for lowering air pollution.

Exports during the first 10 months of this financial year jumped 40.2 per cent over the same period a year earlier, while domestic consumption grew 5.4 per cent. The Country produced 88.6 million tonnes of steel during the period.

“It is the increase in exports that is causing domestic production to increase. We expect the year (FY1cool.gif to end with a production of more than 100 mt, mainly to cater to the export market,” said an analyst with a local brokerage.

At present, steel price is around $650 a tonne in India, close to $900 a tonne in the US. Europe’s steel is priced at about $750 a tonne and so is that of South Korea and some other Asian countries, say industry officials.