India's iron and steel exports dipped by 41% to $4.57 billion (bn) in September against $7.69 bn a year ago, hit by a subdued economic sentiment mainly in the commodities market.
According to the data of Engineering Export Promotion Council of India (EEPC), the year on year September fall in iron and steel is more than cumulative decline during April-September period against the comparable months of 2014. EEPC India is the apex organization of the engineering sector in the country. This is quite an alarming development. Global slowdown is really biting the sector.
Over 40% drop in India's exports of primary iron and steel has come about on the back of a massive fall in shipments to the US, Italy, UAE, Bangladesh and Nepal among others in September this year, data showed.