Weakened Asian order book, competitively priced Chinese offerings reasons for the slump
Weakened Asian order book and competitively priced Chinese offerings saw Indian steel exports take a hit in May, dipping 42 per cent over the same period last year. Finished steel exports in May were around 6,82,000 tonnes, flattish on a month-on-month basis.
In April and May, exports declined 35 per cent, year-on-year (y-o-y) to 13,58,000 tonnes. Steel exports have been declining since March. “Bookings had been done previously and mainly to Europe, while demand from Vietnam, amongst top buyers of Indian steel, was weak,” exporters told BusinessLine. --thehindubusinessline