NEW DELHI: India’s monthly steel exports hit an 18-month high to 1.1 million tonne in January 2024 on increased demand from the European Union and supportive global prices, SteelMint said.

Besides, competitive domestic prices of steel contributed to rise in export. The outbound shipment of steel in January 2023 was 0.67 million tonne. On reasons behind the surge in exports, the research firm said, “good restocking demand from the European Union (EU) contributed 67 per cent of the 1.11 MT (export) in January. It was highest in last 18 months.”

While the price of hot rolled coil in India’s trade segment was at Rs 54,300/a tonne, the global rate was $710 per tonne (about Rs 58,000). This factor also contributed to the demand for Indian steel in the global markets.

Overall, Indian steel exports may remain largely range-bound or fall slightly in the near term because of the “global trade lull induced by the Chinese lunar holidays and Tet festival in Vietnam,” SteelMint said.