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NEW DELHI: India’s metal exports reached an 18-month excessive of 1.1 million tonnes in January 2024, pushed by elevated demand from the European Union and beneficial international costs, in keeping with a report by SteelMint. “Good restocking demand from the European Union (EU) contributed 67 per cent of the 1.11 MT (export) in January. It was highest in last 18 months,” SteelMint stated on the explanations behind the surge in exports.The report additionally attributed the rise in exports to aggressive home metal costs. In January 2023, India had exported 0.67 million tonnes of metal. The worth of scorching rolled coil (HRC) in India’s commerce phase was Rs 54,300 per tonne, whereas the worldwide price stood at USD 710 per tonne (roughly Rs 58,000), additional driving the demand for Indian metal in worldwide markets.Total, Indian metal exports could stay largely range-bound or fall barely within the close to time period due to the “global trade lull induced by the Chinese lunar holidays and Tet festival in Vietnam,” SteelMint stated.(With PTI enter)

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