According to preliminary data from the Ministry of Commerce of India, exports of hot rolled flat products from India in June increased more than six times compared to last year to a giant 1.19 million tons in one month. As with an increase of 291% year-on-year in May, exports in June were driven by shipments to China, which reached 520,115 tons versus almost zero a year earlier.
High demand continued in Vietnam, where consumption increased more than 12 times to 459 195 tons. The United Arab Emirates increased consumption by 7% to 54,204 tons, while Taiwan received 53,513 tons, up from zero last year. Nepal, however, reduced consumption by 36% to 34,306 tons.
Spain and Saudi Arabia also increased consumption significantly in June, but in Belgium consumption fell sharply.
The most exported product was untreated wide strip with a thickness of less than 3 mm under HS code 720839, which reached 966,069 tonnes. Their average cost was $ 374 per tonne against $ 522 per tonne in June 2019 and $ 376 per tonne in May 2020.
Thus, the export of flat products from India in January-June increased by 74% compared to the same period last year to 3.67 million tons, while consumption increased, respectively, in the three leading markets – Vietnam, China and the UAE … Markets in fourth and fifth places, Italy and Nepal, reduced consumption.
After the end of the first quarter, the export of Indian high-strength steel products fell 17% year-on-year to 1.13 million tonnes. Their resurgence in the second quarter was fueled by Vietnam and especially China. The latter received zero from India in the first quarter, but in the first half of 2020 it took 959,399 tons versus 41 tons in the first half of 2019.