India’s steel exports in October were down 35% month-on-month (m-o-m), on a provisional basis, to 1.02 million tonnes (mn t) compared to 1.58 mn t in September. In fact, provisional October export volumes were in line with predictions made by one trader, at around 1 mn t.
Billets, which comprised the larger share in both September (also provisional) and October, at 0.79 mn t and 0.49 mn t respectively, were down around -38% m-o-m.
Finished longs, which always comprise a thin share in the entire volume of exports, were down -36% m-o-m at 0.7 mn t in October against 0.11 mn t in the previous month, while finished flats at 0.46 mn t in October, were down almost -33% against 0.68 mn t in September.
Exports, after touching a record high of 2.56 mn t in June, 2020 have been steadily decreasing to 2.49 mn t in July, 1.8 mn t in August, 1.58 mn t in September and 1.02 mn t in October, on the back of rising domestic demand. June, it may be recalled, was a distress month post-lockdown and exports were the only refuge of mills, to keep them going.