India's finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data reviewed by Reuters showed.

India exported 319,000 tonnes of finished steel in May, down 28 per cent from the same month last year and the lowest level since April 2016, the data showed.&nbsp;

Steel exports to the EU dropped 55 per cent in May, led by fewer shipments to Italy, Belgium and Spain, which together made up about 80% of India's overall exports to the region.

That comes amid 'safeguard'&nbsp;measures by the EU that are designed to limit incoming steel and prevent a surge of imports as a result of Washington's 25 per cent import tariffs, which have effectively closed the U.S. market.

Indian exports to Italy slumped 65 per cent to 23,000 tonnes, according to the data. Exports to Spain fell 41% to 13,000 tonnes, while shipments to Belgium were down 42% at 25,000 tonnes.

India, which typically ships cold-rolled coil, galvanized steel and some long products such as bars and rods to the EU, saw a decline in these shipments by as much as 30 per cent.

Meanwhile, India's exports to Nepal, the top destination last year, were down 22 per cent&nbsp;at 63,000 tonnes.&nbsp;

Shipments were also substantially lower to Malaysia and Sri Lanka, which were among the top 10 export destinations last year.&nbsp;

Exports of steel plate, which is one of the flat products that comprise most of India's steel exports, fell 60 per cent&nbsp;to 14,000 tonnes, the data showed.

Shipments of pipes, which are typically the main steel product exported to the United States, dropped 97 per cent&nbsp;to 2,000 tonnes.&nbsp;

Overall, India's finished steel exports were down 30 per cent&nbsp;during April-May and the country remained a net importer.

Hit by low exports and facing higher imports, India's steel ministry has been pushing for higher import duties.&nbsp;

India's finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data reviewed by Reuters showed.

India's finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank, preliminary government data reviewed by Reuters showed. India exported 319,000 tonnes of finished steel in May, down 28 per cent from the same month last year and the lowest level since April 2016, the data showed. Steel exports to the EU dropped 55 per cent in May, led by fewer shipments to Italy, Belgium and Spain, which together made up about 80% of India's overall exports to the region. That comes amid 'safeguard' measures by the EU that are designed to limit incoming steel and prevent a surge of imports as a result of Washington's 25 per cent import tariffs, which have effectively closed the U.S. market. Indian exports to Italy slumped 65 per cent to 23,000 tonnes, according to the data. Exports to Spain fell 41% to 13,000 tonnes, while shipments to Belgium were down 42% at 25,000 tonnes. India, which typically ships cold-rolled coil, galvanized steel and some long products such as bars and rods to the EU, saw a decline in these shipments by as much as 30 per cent. Meanwhile, India's exports to Nepal, the top destination last year, were down 22 per cent at 63,000 tonnes. Shipments were also substantially lower to Malaysia and Sri Lanka, which were among the top 10 export destinations last year. Exports of steel plate, which is one of the flat products that comprise most of India's steel exports, fell 60 per cent to 14,000 tonnes, the data showed. Shipments of pipes, which are typically the main steel product exported to the United States, dropped 97 per cent to 2,000 tonnes. Overall, India's finished steel exports were down 30 per cent during April-May and the country remained a net importer. Hit by low exports and facing higher imports, India's steel ministry has been pushing for higher import duties.

India's May steel exports drop to lowest in three years

Steel exports doubled to 8.2 million tonnes (MT) and imports slashed by about one-third in 2016-17 on account of a slew of steps to safeguard domestic steel sector from onslaught of cheap imports especially from China, the <a href="http://www.wionews.com/business-economy/watch-chief-economic-adviser-says-54-lakh-tax-payers-added-post-demonetisation-18899" target="_blank">Economic Survey said today</a>.

The rise in exports of steel may also wipe away the excess capacity built up in the steel sector, the part II of the Survey tabled in Parliament said.

&quot;These steps (to safeguard industry) taken by the government have borne fruit. During 2016-17 imports of steel have declined, while exports of steel have doubled,&quot; the mid- term Survey said.

Alloy imports dipped by 36.6 per cent to 7.4 MT in 2016- 17 as against 11.7 MT in the previous fiscal while exports doubled to 8.2 MT last fiscal over 4.1 MT in the corresponding year.

&quot;It is interesting to note that Indian exports of steel have been growing amidst a stable exchange rate of the rupee. The rise in exports of steel may also wipe away the excess capacity built up in the steel sector,&quot; the Survey said.

Due to rise in demand for steel globally and a slowdown in imports, domestic production of steel has risen by 11 per cent after accounting for the possible excess capacity in the sector, it said.

The domestic production of total finished steel in 2016- 17 has been 101.3 MT as compared to 91 MT in 2015-16.

Against the backdrop of China&#39;s recent economic slowdown, the global steel industry has faced major distress due to decline in global demand, including China&#39;s demand for steel, the survey said.

In addition, excess capacity in steel production led to dumping of steel by China, South Korea and Ukraine into Indian markets at low prices, it said.

&quot;In response to this, the government in 2016, introduced a host of measures like raising Basic Customs Duty, imposition of Minimum Import Price (MIP) and anti-dumping duties in order to shield the domestic producers,&quot; the Survey said.

The government notified the MIP of steel in February 2016 for a period of one year.

On April 12, 2016, India initiated countervailing duty investigation concerning imports of certain hot rolled and cold rolled stainless steel flat products, originating in China.

The steel sector is one of the core industries in the economy.

India is the at present the third largest producer of Steel in the world.

The rise in exports of steel may also wipe away the excess capacity built up in the steel sector, the part II of the Survey tabled in Parliament said

Steel exports doubled to 8.2 million tonnes (MT) and imports slashed by about one-third in 2016-17 on account of a slew of steps to safeguard domestic steel sector from onslaught of cheap imports especially from China, the Economic Survey said today. The rise in exports of steel may also wipe away the excess capacity built up in the steel sector, the part II of the Survey tabled in Parliament said. "These steps (to safeguard industry) taken by the government have borne fruit. During 2016-17 imports of steel have declined, while exports of steel have doubled," the mid- term Survey said. Alloy imports dipped by 36.6 per cent to 7.4 MT in 2016- 17 as against 11.7 MT in the previous fiscal while exports doubled to 8.2 MT last fiscal over 4.1 MT in the corresponding year. "It is interesting to note that Indian exports of steel have been growing amidst a stable exchange rate of the rupee. The rise in exports of steel may also wipe away the excess capacity built up in the steel sector," the Survey said. Due to rise in demand for steel globally and a slowdown in imports, domestic production of steel has risen by 11 per cent after accounting for the possible excess capacity in the sector, it said. The domestic production of total finished steel in 2016- 17 has been 101.3 MT as compared to 91 MT in 2015-16. Against the backdrop of China's recent economic slowdown, the global steel industry has faced major distress due to decline in global demand, including China's demand for steel, the survey said. In addition, excess capacity in steel production led to dumping of steel by China, South Korea and Ukraine into Indian markets at low prices, it said. "In response to this, the government in 2016, introduced a host of measures like raising Basic Customs Duty, imposition of Minimum Import Price (MIP) and anti-dumping duties in order to shield the domestic producers," the Survey said. The government notified the MIP of steel in February 2016 for a period of one year. On April 12, 2016, India initiated countervailing duty investigation concerning imports of certain hot rolled and cold rolled stainless steel flat products, originating in China. The steel sector is one of the core industries in the economy. India is the at present the third largest producer of Steel in the world.

Steel exports double to 8.2 MT in FY17: Economic Survey

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