For steel, to hit a record high of 120 million tonnes, surpassing the all-time high of 111 million tonnes in fiscal 2018/19. India is the world’s second largest steel producer with a large population that requires large amounts of steel to build infrastructure for residential transportation, housing, energy production and distribution, and living in big cities, Zhongzhou Futures said. In 2015, Modi set a target: India’s crude steel production capacity will increase to 300 million tons by 2030 — 2031. At the same time, he issued the slogan “We have surpassed the United States, China is still ahead of us, we must surpass China”.

 Data show that in recent years, India’s steel exports have continued to grow. From April 2013 to January 2014, India’s steel exports were worth $7.638 billion. From April 2021 to January 2022, the value of Indian steel exports reached $192.45 billion, an increase of 152% in eight years. In the first 10 months of fiscal 2022 (April 2021 to January 2022), India exported 11.142 million tons of finished steel products, up 26.1% year on year. India’s largest steel export destinations have been variable in recent years: Nepal in FY2018, Vietnam in fy2019 and China in FY2020. In January 2022, the United Arab Emirates. Generally speaking, The main export destination of Indian steel covers Europe, Southeast Asia, the Middle East and other places. India’s exports of finished steel products rose 55.7 percent year-on-year to 814,000 tonnes in January 2022, according to the Joint Factory Council of India (JPC). The UNITED Arab Emirates was the largest destination for Indian steel exports in January, with 81,000 tonnes. It was followed by Vietnam (61,000 tonnes) and Nepal (53,000 tonnes).

In response to the conflict between Russia and Ukraine, the European Commission adjusted the EU steel import quota system, effective April 1, in order to avoid a shortage in the market due to the restriction of steel exports from relevant countries caused by the conflict between Russia and Ukraine. In January-March 2022, 407,786 tons of non-alloy and other alloy hot-rolled strip tariff quotas exported by Russia to the EU, as well as 74,752 tons of non-alloy and other alloy medium plate quotas have been allocated to Turkey, India, South Korea, the United Kingdom, Serbia and other countries. And now India import and export tariffs to adjust, Everbright futures black team said, with India’s export tariffs on steel, India’s overseas exports of steel scale or will appear significantly lower, or to a certain extent, increase the tightness of the supply of overseas steel resources, the international steel price trend to form a boost.