China top buyer of Indian steel under lockdown, accounts for 48% exports

Icra says in first two months of the current fiscal, Indian finished steel exports grew 76% YoY, and that China alone accounted for close to 60 per cent of this increase

In April and May, while India was under curbs to contain the Covid-19 pandemic, China emerged as the most important export destination for steel companies, accounting for about 48 per cent of total steel exports.

According to Joint Plant Committee (JPC) data, finished steel exports to China during April 1, 2020 and May 31,2020, stood at 440,000 tonnes while semis was at 1 million tonnes; total finished steel exports during the same time was at 1.7 million tonnes and semis at 1.3 million tonnes. While in finished steel exports, volumes to Vietnam were higher, China accounted for the lion's share