India posts record finished steel exports in FY 2021-22

India posts record finished steel exports in FY 2021-22

Mumbai, 20 April (Argus) — 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