Indian Bulk HRC Export Shipments Rise 20% M-o-M
Indian HRC bulk export shipments in September are estimated at around 616,000 MT, up from August export levels of 510,000 MT, a rise of over 20% m/m, based on data of 20 ports maintained by SteelMint.
South East Asia remains the dominant export destination accounting for 45% share of the overall exports in September, with Vietnam alone receiving 30% of exports during the month.
Indian HRC export numbers were reported at around 370,000 MT in July and around 180,000 MT in June by Indian government.
Domestic flat steel demand and prices continue to suffer, impacted primarily by the slowdown in the auto and manufacturing sectors. Resultantly, steel mills have been experiencing a drop in off take and a rise in overall inventory levels.
Demand from manufacturing and automotive sector continue to remain subdued in India amidst seasonal slowdown and weak economic conditions. PMI for manufacturing in September was recorded at 51.4, unchanged from August levels and the lowest since May 2018.
Similarly in case of automotive sector, sales have reportedly fallen by 8.3% y/y from a level of 1.5M units in September 2018 to 1.38M units in September this year. To fulfill this gap in the domestic demand, mills are thus looking to export aggressively.
While the automotive industry is hopeful that the upcoming festive season and announced price discounts can help to push up some sales volume in the coming months, market is not looking for a complete turnaround in near term and sector is likely to remain under pressure.
Indian mills thus will continue to look for avenues in export market to push volumes and ease pressure of low domestic demand. With unexpectedly low imports coming into India due to ADD, India will remain a net exporter for HRC in the near term.
source: SteelMint
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