Export of iron and steel products witnessed a sharp rise of more than 100% in June, even as export of engineering goods from India registered a decline of 7.24%, said an analysis report by engineering export promotion council of India, on Friday..
A drop in domestic demand, disruption in supply chain and acute shortage of construction labour led several top steelmakers to export more than 50-60% of their sales volume during May-June period. Iron and steel recorded more than 100% growth in exports during June 2020 with shipments of $1.32 billion against $653.52 million in the same month last year.
During June, exports of iron and steel to China rose by over 1400% to $524 million from $35 million in the same month last year, to Vietnam it went up by over 700% to USD 183 million and to Taiwan, the increase was 200% to $35 million.
With unlocking of the economy, the exports should come back on track and the trend would be reflected in the June numbers.