India's finished steel products exports at 1.98 million tonnes in March quarter

12 Apr 2023 , 02:22 AM

According to data from the Joint Plant Committee (JPC), India’s exports of finished steel products increased in the March quarter compared to the preceding quarter, with prices being higher. However, the volume of exports remained lower than the levels observed during the same period last year. 

In the March quarter, the exports of finished steel products surged to 1.98 million tonnes, which is almost 73% higher than the 1.14 million tonnes exported in the December quarter.

Despite the increase in the March quarter, India’s finished steel exports were only two-thirds of the volume shipped in the corresponding period of the previous year. This is because the full-year finished steel exports for FY23 declined by 50% to 6.72 million tonnes as compared to the previous year. This drop was due to the imposition of an export duty on steel in May, which was later revoked in November.

India’s finished steel exports have been increasing on a monthly basis since the removal of the export duty in November. In March, the exports reached their highest level for any month in FY23, with 812,100 tonnes of finished steel products shipped out, according to data from the JPC.

India’s strength in the steel industry is evident as it is the second-largest steel producer in the world and has performed well compared to other countries in this sector.

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