The latest data from the Joint Works Committee showed that finished steel production in India in April-July 2020 fell by 39.8 percent to 21.152 million tons from 35.156 million tons in April-July 2019, while steel consumption fell 43.3 percent to 18.909 million tons, compared with 33.346 million tons. in the same period of the previous fiscal. During April-June 2020, India’s total steel exports totaled 4.641 million tons, up from 1.933 million tons a year earlier, while imports fell 42 percent to 1.506 million tons over the period under review from 2.597 million tons a year ago.
Of the 4.64 million tonnes of total steel exports, Vietnam and China bought 1.4 million tonnes and 1.3 million tonnes of steel, respectively, accounting for 80% of coiled steel exports. Vietnam has been a regular buyer of Indian HRC steel, but China’s emergence as the top buyer is surprising. Stimulating China to support the economic recovery from COVID19 has resulted in an unprecedented surge in steel demand in China, driving domestic steel prices in China up by $ 50-100, prompting buyers to import cheaper.