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Date: 18/08/2022

Finished steel exports slump

India’s finished steel exports dipped by 75 per cent year-on-year (y-o-y) in July 2022 due to the combined impact of the duty levy, seasonal weakness in demand and global slowdown in the commodity cycle. This was the fourth straight month of fall for Indian mills. Just 1,56,000 tonnes were exported last month. Interestingly, alloyed steel (which does not have an export duty levy) and stainless steel exports bucked the trend and saw a 33 per cent rise m-o-m and a 72 per cent jump y-o-y, respectively. Data from the Ministry showed that 2,23,000 tonnes of alloyed/stainless steel export was recorded in July 2022. In June 2022 it was 1,68,000 tonnes, as per a report.

Source: Exim News Service: New Delhi, Aug. 17