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According to a report by
BigMint, export prices of hot-rolled coil coming from China have fallen to $520
per tonne from $525 per tonne within a week, piling pressure on global steel
prices. Indian export prices hovered in a range of $650-$660 New Delhi:
Indian steel exports are struggling and are likely to face continued
challenges, as overcapacity and weak domestic demand in China prompt the
world's second-largest economy to flood the global market with ultra-cheap
steel.
India's
steel exports in May 2024 were recorded at 0.5 million tonnes (mt), nearly 25%
lower month-on-month (m-o-m) from around 0.66mt in April, per provisional data
available with BigMint, a market research and consultancy firm.
“The steel
export market is currently distorted and lacks attractiveness due to China’s
continued strategy of flooding the global market with low-priced steel. Low
domestic demand in China is leading to substantial exports at prices below the
cost of production,” Ranjan Dhar, director and vice-president, sales &
marketing, ArcelorMittal Nippon Steel India (AM/NS India), told Mint.