India's finished steel exports drop 28% m-o-m in Jun

India's finished steel exports fell by 28% m-o-m to 0.502 million tonnes (mnt) in June 2023 compared with 0.693 mnt in May 2023. Export volumes decreased by 21% y-o-y against 0.638 mnt in June 2022, as per provisional data released by the Joint Plant Committee (JPC) under the Ministry of Steel.

Chinese monthly average HRC (SS400) export offers were around $555/t FOB Rizhao in June, while Indian HRC (SAE1006) offers were around $568/t FOB east coast India. Competitive offers from China put pressure on Indian mills, resulting in lower export volumes. Moreover, subdued global steel market demand due to the Dragon