By Anil Mathews (ScrapMonster Author)
November 24, 2015 04:52:30 AM
The latest trade statistics released by the Indian Commerce Ministry indicates significant decline in pig iron exports by the country during August '15. The exports totaled 1,738 MT during the month.India’s pig iron exports plunged in August
NEW DELHI (Scrap Monster): The latest trade statistics released by the Indian Ministry of Commerce indicates that the country’s pig iron exports plunged heavily during the month of August this year.
The country’s pig iron exports during August this year totaled 1,738 MT, down nearly 98.2% when compared with the exports of 94,831 MT during July ’15. The exports were also down by 97.1% when compared with the exports during the same month a year before. It must be noted that the country’s pig iron exports had hit fifteen-month highs in June this year. The exports during the month had totaled 94,831 MT.
During August this year, Bangladesh was the top importer of pig iron from India. The imports by Bangladesh totaled 797 MT during Aug ‘15, accounting for nearly 46% of the total exports by India.
The second largest export destination of Indian pig iron was Thailand. The exports to Thailand totaled 600 MT, accounting for 35% of the total Indian exports. The Indian pig iron exports to Thailand almost dropped sharply when compared with the exports of 92,925 MT recorded during July this year. In third place was the UAE with 200 tons.
The cumulative pig iron exports by India during the first eight months of 2015 totaled 482,187 MT, down 17.7% when compared with the cumulative exports of 586,051 MT during the corresponding eight-month period in 2014. The largest importer of Indian pig iron during Jan-Aug ’15 was Thailand. The imports by Thailand totaled 244,706 MT, accounting for 50.7% share of Indian export. In second place was Taiwan (88,000 MT, 18.3% share), followed by Saudi Arabia (35,296 MT, 7.3% share). The top three destinations together accounted for over three-fourths of the total Indian exports.
The annual pig iron exports by the country are estimated at around 725,000 MT in 2015.