India's steel exports (including stainless steel) grew 4 percent year-on-year to 8.59 million tons in fiscal year 25, according to preliminary BigMint data.
The slight increase of 4 percent year-on-year also marks a sharp turnaround from the first half of the year, during which export volumes decreased by 25 percent year-on-year. In the second half of the year, shipments increased by 47 percent year-on-year to 4.96 million tons as EU importers accelerated purchases ahead of the start of the final period of the Carbon Boundary Adjustment Mechanism (CBAM).In fact, p total is the four-year best indicator for India, that is, the highest since pCY '21, while the annual volume did not match 8.85 million tons in CY'23. However, the small increase can be considered a reason for optimism, as it occurred despite the massive export flood in China, which increased by 7.5 percent year-on-year to a record high of 119 million tons in fiscal year 25.
Aggressively low prices continued to boost China's volumes, despite strong pushback from major importers. This has partly contributed to India's weak momentum in the global export arena.
Notably, shipments of semi-finished steel products increased by 48 percent year-on-year, which was a key factor in the 4 percent increase in total volume over fiscal year 25, as exports of finished sheet steel showed a slight correction. Increased exports to the UK and the USA contributed to a sharp increase in the volume of semi-finished steel products.
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