JPC: India's finished steel exports fall sharply by 40%

India's finished steel exports registered a sharp fall of 40% m-o-m to 0.38 million tonnes (mnt) in July 2022 in contrast with 0.63 mnt a month ago. In similar lines, export volumes plunged by 75% y-o-y against 1.51 mnt seen in July 2021, as per provisional data released by the Joint Plant Committee (JPC).

Key reasons that attributed to the fall in exports- Lucrative offers from Russia: Russia's HRC export offers were highly competitive against offers of the major exporting nations in July, which dampened the sentiments in the exports market. For instance, Russia's Black Sea HRC (SAE1006) offers stood at $603/t FOB levels in