Indian steel exports plunged 75% year-on-year to 0.4 Mt in July, official data show. This followed the introduction of a 15% export tax on some steel products in May. Steel imports by comparison edged up by 8% to 0.4 Mt. At 9.7 Mt, India’s July finished steel production increased by 9.8% on the same month last year.
Meanwhile, Vietnamese steel imports fell by 2.5% to 0.9 Mt in July. In January-July steel shipments fell 8% year-on-year to 7.4 Mt, while steel scrap imports declined by 33.6% to 2.8 Mt.
Most recent steel export data from South Korea show shipments dropped to a 25-month low of 2.0 Mt in June, down by 9.6% year-on-year.