(TH)
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. India exported 3,19,000 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 per cent 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 US market.
