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Factors affecting the decline of India's hot rolled steel exports in January

Posted:2021-02-20 14:55:41

In January 2021, India's hot rolled steel export volume was 228599 tons, which fell for the second consecutive month, down 20% from 284535 tons in December last year.

Several factors for the decline of India's hot rolled steel export volume:
1. Indian steel mills raised the price of hot rolled steel twice in January this year.
Indian steel mills chose to raise the ex factory price under the circumstances of strong downstream demand and tight supply of hot-rolled steel resources. In January this year, they raised the price twice, with a cumulative increase of 5000-5500 rupees / ton. While Indian steel enterprises increase the proportion of hot rolled steel in domestic sales, they also reduce the export volume accordingly.

2. Strong domestic downstream demand.
With the increasing demand for travel mode, India's automobile consumption is growing at a double-digit rate.

3. India's exports of hot rolled steel to Vietnam are limited.
With the gradual recovery of India's economy after the cancellation of the epidemic blockade order, Indian steel enterprises are no longer keen on exporting hot rolled steel to Vietnam. With the recovery of domestic demand, many Indian steel mills have slowed down their exports to Vietnam. In addition, Indian steel mills are currently unable to offer very competitive export offers to Vietnamese hot-rolled steel buyers.