Steel exports from the country fell by more than half to 40 lakh tonnes

- Indications that overseas demand remains sluggish despite the government abolishing export duties to support exports

The country's steel (iron-steel) markets and industry have recently seen a rapid reversal of trends. The market price has seen a one-sided fluctuation. Meanwhile, with the recent increase in the number of Covid cases in China and signs of a re-emergence of lockdown, there have been signs of a sudden increase in the players of various markets including steel, iron ore in the world market. China's role has always been key for various metals including steel, iron ore and various commodity markets in the world market. When good news comes out of China, market prices go higher globally and China's weakness puts upward pressure on prices in global markets. Meanwhile, India's steel sector has been in the limelight recently. Earlier in May, the central government had imposed export duty on steel exports from the country, and as a result, seaborne steel exports from the country were adversely affected in the post-May period. However, after a period of 6 months, recently the market players have been watching how and how much the government increases the export of steel. There has been news that the government has abolished the duty on steel exports with effect from November 19. Following this, the duty on steel exports has now been removed. According to the sources of the Central Steel Ministry, the government sources were hoping that the removal of export duty would boost the business sentiment in the steel market and industry and the demand would also increase and new investment in the steel sector would also increase.

However, sources in the steel market and industry are showing the opposite tone. Given that the demand for steel in the world market is currently slower than expected, despite the removal of export duty on steel in India, there is little possibility of an immediate increase in new overseas demand in domestic steel markets, market insiders say. Meanwhile, the government recently called upon the country's steelmakers to conduct extensive research to develop new special grade products in steel production. As a result of this, the demand of various types of steel at home in the country can be increased. Special type of steel, special grade steel and value added steel are used in the sector, the government has called upon the steel manufacturers to pay special attention to the production of such steel.

As per the recent directions, steel exports from the country have halved during the first 7 months of the current financial year from April to October. The informants were saying that exports have decreased by more than half. Export of finished steel from the country has decreased by 54 to 55 percent during this period. And in this period, such export loss has been around 40 lakh tons, which was recorded more than 80 lakh tons in this period last year. The trade deficit of the country has increased during this period. Earlier this year, due to the Russia-Ukraine war, as the steel importing countries of the world market turned to Indian steel, the export of steel from India increased rapidly and to maintain the supply in the country, the government imposed an export duty of 15 percent on the export of steel in May. Now that such duty has been abolished, the outbreak of Covid in China has also increased globally.

The operating profit of the country's steelmakers recently fell to a new nine-quarter low. In the steel markets of India, prices have fallen by 15 to 20 percent in a period of 6-7 months. In such a situation, the Indian government has recently entered into an economic cooperation and trade agreement with Australia. In the wake of this agreement, the central government has called upon the steel producers to take advantage of the opportunities to increase exports to Australia.

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