Impact on India's steel exports due to slow demand of Covid-19

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New delhi date. 13 April 2020, Monday

India's steel exports will be affected in the short run as a result of the rapid spread of coronavirus worldwide. Deficit exports from global markets have been impacted.

India's steel demand remains significantly higher in European markets, especially in Italy and Belgium. During the April-February period of the last financial year, about two percent of total steel exports were exported to these two countries. India's steel exports will slow in the short run due to weak demand, a report by rating agency ICRA said.

There is a fluctuation in the country's steel exports from the financial year 7-8. Imports were higher than exports in fiscal year 1 and 2, while steel exports remained high during the next two years. Exports were down again as compared to imports in fiscal year 1.

India had been a net importer of steel in the first six months of the last fiscal year, ie April to September. However, the country's exports have been higher in the December quarter since then. However, due to the coronavirus, the impact on production, transport and trafficking at ports is hitting exports, the report added.

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