Steel Exports

Chinese steel exports booming higher but here's why that won't last

Unless Beijing rips up its current playbook and decides to re-inflate the housing market or splurge on infrastructure, then steel consumption in China is in long-term decline

Steel exports from China making business unsustainable: ArcelorMittal

Steel consumption in China could even contract, according to ArcelorMittal, which lowered its 2024 forecast to a range of -1 per cent to +1 per cent

'India's steel exports hit 1.1 mn tonne in January, an 18-month high'

India's monthly steel exports hit a 18-month high to 1.1 million tonne in January 2024 on increased demand from the European Union and supportive global prices, SteelMint said. Besides, competitive domestic prices of steel contributed to rise in export, the research firm said in its latest report. The outbound shipment of steel in January 2023 was 0.67 million tonne , as per SteelMint data. On reasons behind the surge in exports, SteelMint said, "good restocking demand from the European Union (EU) contributed 67 per cent of the 1.11 MT (export) in January. It was highest in last 18 months." While the price of hot rolled coil (HRC) in India's trade segment was at Rs 54,300/a tonne, the global rate was USD 710 per tonne (about Rs 58,000). This factor also contributed to the demand for Indian steel in the global markets. Overall, Indian steel exports may remain largely range-bound or fall slightly in the near term because of the "global trade lull induced by the Chinese lunar holi

India, US to set up mechanism to enable steel exports at concessional rates

The additional tariffs had impacted $1.21 billion worth of India's exports of steel and aluminium to the US in 2018

Export of steel, iron ore, cement likely to be hit by EU carbon tax: FinMin

India's merchandise trade deficit rose faster-than-expected in May to $22.12 billion, up from $15.24 billion in April, due to reduced demand for Indian exports from developed countries

CBAM framework to impact India's 15-40% of steel export to Europe: Icra

The Carbon Border Adjustment Mechanism (CBAM) framework will impact India's 15-40 per cent of steel exports to Europe, Icra said on Thursday. The impact will be seen from the calendar year 2026 to 2034, the rating agency said in a report. The European Union (EU) is introducing the CBAM from October 1 this year. Icra said the EU is the second largest steel-consuming block globally. It recently signed the mechanism laying the framework for the imposition of taxes on embedded carbon imports from six sectors, which includes steel, aluminium, cement, hydrogen, electricity, and fertiliser. "...CBAM compliance requirements could pull down the profits of Indian steel exports to the EU by USD 60-165/MT between CY 2026 and CY2034. CBAM to impact between 15-40 per cent of India's annual steel exports which are made to Europe. Failure to reduce the carbon footprint may result in lower profits in EU markets," it said. According to Icra, India exports up to 3-5 million tonnes of finished steel

UK removes countervailing tariff on steel bar, rod imports from India

The UK government has announced the removal of an up to 4 per cent countervailing tariff on stainless steel bars and rods imported from India due to a perceived low impact on local suppliers. The UK's Trade Remedies Authority (TRA) said on Thursday that its recommendation that the countervailing measure on imports of stainless steel bars and rods from India be revoked has been agreed by the government. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin. They are one of three types of trade remedies that are allowed under World Trade Organisation (WTO) rules. The TRA concluded that although subsidised imports would continue from India if the countervailing measure were no longer applied, it is unlikely that the UK industry would be injured if the measure was no longer in place. Trade association UK Steel said there is minimal supply to the UK market of stainless bars and rods by UK producers

India's April-February finished steel exports slump 52%: Govt data

Major steelmakers reported a drop in profits in the December quarter, in part because the government in May imposed the tax, which applied to exports of some intermediate steel products, such as bars

JSW Steel sees exports at more than 10% of 2022-23 sales, says official

His comments come after JSW, India's largest steelmaker by capacity, on Friday reported an 89% fall in profits for the quarter ended Dec. 31, hurt by a 56% slump in exports

India's April-December finished steel exports decline 54% YoY: Data

India's exports of finished steel more than halved during the first nine months of the fiscal year that began in April 2022, according to the latest government data

India's April-Nov finished steel exports fall 55% YoY on low demand: Report

India's finished steel exports more than halved during the first eight months of the current fiscal year that began in April, according to the latest government data reviewed by Reuters

Removal of export duty to help steel makers pull up profits, say experts

The removal of export duty on steel products will help the domestic metal producers pull up their profits with now having the freedom to explore overseas markets as well, experts said. The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 -- six months after imposition of the levy on May 21. The relief comes on the back of domestic steel prices correcting by 15-20 per cent since these duties were imposed, Jayanta Roy, Senior Vice President & Group Head, Icra Limited, said. "We believe that the latest measure will help pull up the industry's profits from the second quarter lows as companies now get the freedom to explore overseas markets, depending on the pricing environment," the expert said. SteelMint India also termed the government's decision of withdrawing export duty on steel and raw material as a positive move for the industry. However, according to the research firm, the move may not help the industry in the short ..

Export opportunities limited right now: JSW Steel's Seshagiri Rao

Withdrawal of export duty may not increase volumes will boost sentiment, he says

Export duty removal will lead to era of growth for steel industry: Scindia

Removal of export duty on steel products will lead to a new era of growth for the domestic steel industry which has gained footprint internationally, Union minister Jyotiraditya Scindia said on Monday. It has taken years for the domestic steel industry to gain footprint in the international markets, the steel minister said at the 3rd Indian Steel Association (ISA) conference here. The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 -- six months after imposition of the levy on May 21. "It has taken if not months then years for our industry to be able to to firmly plant its footprint internationally... (On) steel product, the duty has been removed completely from Friday evening enabling a new era for the steel industry to grow," he said. The decision was taken very judiciously after taking all stakeholders' concerns into account. There were several rounds of discussions with the advisory committees on integrated steel plan

Export duty on steel was imposed to control inflation: JSW chairman

The government had levied export duty on steel to control inflation which has now come down, JSW Group Chairman Sajjan Jindal said on Monday. He made the remarks reacting to the government's action of removing the export duty on steel items. "Duty was brought in because there was huge pressure on inflation and government wanted to cool down the inflation and the industry supported the government in the efforts," he told PTI on the sidelines of the 3rd Indian Steel Association (ISA) Conclave event here. Inflation has come down and the steel prices have also corrected in the domestic as well as global market, Jindal said without sharing any details. At that time, the government felt duty is important. It has been removed now and industry welcomes the move. The industry will continue to make steel for domestic needs as well as for world market, he added. The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 -- six months afte

JSW Steel expects exports to hit over 5-year low in FY23 on reduced demand

JSW Steel aims to produce 25 million tonnes of crude steel this year, up 28% from last year

Govt actively studying duties levied on steel exports: Jyotiraditya Scindia

The government is actively studying the issue of export duty which was imposed on certain grades of steel in May this year. The matter is being discussed at the highest level, Union steel minister Jyotiraditya Scindia told reporters at the National Management Convention organised by the All India Management Association (AIMA) here. "This is something which is under active study by my department as well as the government. We are certainly discussing this at the highest level. When a decision is taken on this you shall be be informed," he said in reply to a question whether government is considering removing export duty on iron ore and steel intermediaries. On May 21, the government hiked the duty on exports of iron ore by up to 50 per cent and for a few steel intermediaries to 15 per cent. It also waived customs duty on the import of some raw materials, including coking coal and ferronickel, used by the steel industry. The move was aimed at increasing the availability of these raw ..

Export levy impact: Tata Steel deliveries drop 2% YoY despite higher output

Tata Steel said domestic despatches were up 5% YoY, leveraging a strong marketing network and an agile business model

Export levy likely to push steel companies to review expansion plans

Major private sector steel producers said that the capacity expansion plans were based on assumptions in the sales mix - between domestic and export markets - which has now gone haywire

India's steel exports likely to remain strong on regional demand: Moody's

India's steel exports are expected to remain strong in the coming months as higher prices and regional demand would drive the steel companies to divert part of their output to exports