Wait...

Online Export Import Data Search

Recent Searches: No Recent Searches
Complete Training Video : Click Here

Indian steelmakers turn net exporters to China in April-August: Crisil.


Date: 22-09-2020
Subject: Indian steelmakers turn net exporters to China in April-August: Crisil
MUMBAI: Indian steelmakers have turned net exporters to China during April-August for the first time in several years, owing to weak domestic demand due to COVID-19 pandemic, according to Crisil Research. 

With 69 per cent of semi-finished steel and 28 per cent of finished steel heading there between April and August, India turned net exporter of steel to China for the first time in several years, the rating agency said. 

Primary steelmakers exported 60-80 per cent of their total production between April and August this year to various destinations, with China leading the pack, it added. 

Crude steel production fell a lower 27 per cent on-year despite a massive 38 per cent decline in domestic demand between April and August, the agency said. 

The fall in production was far less severe for export-oriented primary manufacturers with around 20 per cent decline, compared to 40 per cent fall in the secondary steel segment. 

"However, the jump in exports, by as much as 400 per cent on-year in June, has come off peaks since then, owing to the easing of domestic lockdowns and some revival in economic activity, reclaiming domestic demand for steel," it said. 

For China, supply disruptions and elevated global iron ore prices led to higher steel imports in these months, given that it imports over 90 per cent of its iron ore requirement. 

"While global steel prices were on a slide from end-February till June, iron ore prices soared, led by supply-side disruptions especially in Brazil and Australia. Iron ore prices zoomed past coking coal prices – another first in the past 25 quarters. This prompted port-based capacities in China to import semis and process them further in order to save on increased iron ore costs," the agency said. 

According to Crisil, more than two-thirds of Indian semi-finished exports were to China in April-August. 

"Notwithstanding soaring iron ore prices, global steel prices fell to a low of $409 per tonne in April, the lowest since October 2016, given weak demand and limited export opportunities. But demand recovery in China, especially in the current quarter, aided a nine per cent on-month rise in steel prices in August to $502 per tonne," it said. 

Crisil Research expects global steel prices to rise to close at $460-490 per tonne, or 3-5 per cent lower on-year. 

"While global steel prices will witness a 3-5 per cent drop on-year in calendar 2020, domestic prices are expected to decline only 1-2 per cent, also given that anti-dumping duties are in place," it noted. 

Source:-timesofindia.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 24-10-2020



Date: 21-10-2020
Notification No. 38/2020-Customs
Notification regarding exemption of duties of Customs against scrips issued under the RoSL scheme for apparel and made-ups sectors.

Date: 21-10-2020
Notification No. 07/2020 – Central Excise
Notification regarding exemption of duties of Central Excise against scrips issued under the RoSL scheme for apparel and made-ups sectors

Date: 20-10-2020
Notification No. 37/2020-Customs
Seeks to further amend notification no. 152/2009 dated 31.12.2009, regarding the rate of duty of customs on imports of "Polybutadiene Rubber" originating in Korea RP and imported under the India-Korea Comprehensive Economic Partnership Agreement.

Date: 15-10-2020
Notification No. 99/2020 - Customs (N.T.)
Exchange rate Notification No.99/2020-Cus (NT) dated 15.10.2020- regd.

Date: 13-10-2020
Trade Notice No. 30/2020-2021-DGFT
Electronic filing and Issuance of Preferential Certificate of Origin (CoO) for India’s Exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA w.e.f. 15th October 2020

Date: 09-10-2020
Notification No. 39/2015-2020
Amendment in Export Policy of Onions

Date: 08-10-2020
Circular No. 44/2020-Customs
Procedure for inspection of ICDs/CFSs/AFSs -reg

Date: 08-10-2020
Notification No. 49/2020-Customs (N.T./CAA/DRI)
Appointment of CAA by Pr. DGRI

Date: 07-10-2020
Public Notice No.24 /2015-20
Revision of SION H-68, H-301 & H-302 of Export Products- Double Decorative/Single side Laminates with or without Barrier Paper



Exim Guru Copyright © 1999-2020 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001