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Date: 06/05/2024

Steel exports to Europe at five-year high

India’s steel exports to Europe hit a five-year high in FY24 with outbound shipments hovering at 3.3 million tonnes (mt), up 65 per cent y-o-y and near doubling over a five-year period (from FY20). According to Ministry officials, sanctions on Russia and lesser competition from China were seen as reasons for Indian exporters having tapped into the European market. Stainless steel demand across pockets like Germany, France, Poland, Italy and Spain is also witnessing some improvement. However, Indian exporters lost market share in Vietnam and the Middle East to China. While price disparity was a key reason, geo-political issues also played a part in changing the trade dynamics, as per a report.

Source; Exim News Service: New Delhi, May 5