According to data obtained, steel exports from India are low over the available balance of the fourth quarter in the current financial year. It is due to continuing strong domestic demand and robust consciousnesses in the economy.
According to the research survey, the finished steel exports in January 2021 was 0.58 million tonnes, down six per cent month-on-month and 16 per cent yearly as producers shifted their focus more on domestic sales to match robust demand.
Under the influence of the COVID-19 and lockdown phase, steel export was at 8.84 million tonnes, higher by 23 per cent yearly.
In contrast, the finished steel imports moved raised by 2 per cent month-on-month and 8.3 per cent year-on-year at 0.52 million tonnes in January 2021.
Further, the country's finished steel imports for the tenure of April 2020 to January 2021 were at 3.79 million tonnes, registered at 37 per cent lower yearly due to the impact of lockdown and COVID-19 restrictions.
The significant reduction is observed in import duties by 7.5% from 10 to 12.5 per cent on all the semi- and finished-alloy. Also, non-alloy steel products have created a stabilising impact on domestic steel supplies and steel prices in the upcoming time. Further, the study said that domestic hot-rolled coil prices corrected by three per cent in mid-February to ? 53,750/ million tonnes, but are still 40 per cent higher year-on-year. Also, the increased inventories have caused the price hike in domestic flat steel.
The current import tax decrease on steel scrap is expected to help the secondary steel producers and their businesses. The temporary discontinuing of countervailing and anti-dumping tariffs should produce some stability to steel prices and steel supply. Still, the country's crude steel production in January was at 10 million tonnes, which is 2% higher month-on-month and 7 per cent year-on-year.