India’s steel export to rise by more than 1/3rd

Steel mills of India are expected to increase exports by more than one-third during current year. This is due to surge in global prices and curb in production of major producers. According to V.R. Sharma, Managing Director at Jindal Steel & Power Ltd., exports of India, world’s 2nd largest exporter, might increase to as much as 15 million tons in FY 2021-22, up from 10.8 million tons in FY 2020-21.
China and Russia has planned to cut down shipments of steels to be sent overseas which provides the opportunity for the exports. Currently, Indian mills are exporting as much as 40% of their output compared with 20% a year earlier, Sharma said. International prices are higher than local prices and are “very lucrative,” while local demand in the construction sector is still slow and could pick up from October, he said.