Steel export from India lowers 8% to 570 thousand tons than that of Feb 2019, lowers
The data published by the Indian government on Tuesday showed the export volume of Feb is 570 thousand tons, lower than that of the same period last year-619 thousand tons, which is the first drop for these eight months and the biggest fall since April 2019. The statistics show India is the second-largest steel manufacturer worldwide.
Local consumption of India in Feb dropped to the lowest level for these four months and the domestic economic activities were also affected. The finished steel output in Feb dropped to 8.56 million tons.
India is the net exporter. Its total export volume reached 7.78 million tons from April 2019 to Feb 2020. The largest buyers include Vietnam, Italy, Belgium, and Spain.
Arnab Kumar Hazra, assistant secretary-general of the Indian steel Association said the demand has vanished from the importers.