How had India fared recently in terms of steel exports and are they picking up?

The data is available for the financial year FY21 and during this period India exported a record 10.7 million tonnes of finished steel compared to just 4.7 million tonnes in FY20. This trend has got accentuated In the first quarter of FY22. In fact, India has already exported 3.5 million tonnes of finished steel, so FY22 promises to be better than FY21 in terms of steel exports as the global demand for steel continues to be robust.

For FY21, steel exports were in excess of 1 million tonnes in five out of the twelve months. Clearly, the US infrastructure thrust has boosted demand as has the mega investments that Europe is making in Clean Energy. Meanwhile, China and Russia have sharply cut steel exports to focus more on supply for domestic needs. This has opened up the floodgates for India to make its mark in the global steel export market.