India's large steel export volumes not sustainable in near term: Icra

China largest steel export destination for India during Apr-May

Though weak domestic demand has prompted Indian steel producers to look at exporting the commodity, rating agency Icra is of the view that large volumes of steel exports from India are not sustainable in the near term.

India’s finished steel exports grew 76 per cent during April-May 2020 and stood at 1.71 million tonne, as against the domestic demand, which contracted by 69 percent during the same period.

In fact, export of semis from India has also risen significantly by 281 per cent to 1.29 million tonne during April-May 2020 with China being the largest beneficiary (78 per cent share). If both