As the second largest producer of steel in the world, India’s decades-long expertise in areas such as sourcing of quality raw material, advanced manufacturing technologies, adherence to quality specifications, supply chain management, maintenance of strict delivery schedules, loading and stevedoring and above all, fixing of competitive prices through strong negotiation will stand the country in good stead, as India looks towards building its TMT (Thermo-mechanically Treated) steel exports.
As of now, semis, TMT bars and rods, HRC, billets/slabs, CRC, coated products, pipes and plates comprise around 97% of India’s steel exports, which totalled to 8.24 million tonnes in 2020.
Current target export markets include Japan, Belgium, Bangladesh, China, Italy, Poland, Spain, Turkey, Vietnam, Latin America, Africa and the Middle East. These are the key geographies that import TMT steel bars and rods from India.
A point to note is the fact that the TMT steel market in the Asia Pacific region is expanding at a considerable pace. The region exhibits dynamic growth in TMT steel bar market, owing to surging construction industry and increased investment by China. Europe is second largest market for TMT steel bar market support and cooperation from the EU for the development of the coal and steel industries in the Europe supplement the growth of the TMT steel bar market.
The US is also emerging as a leading consumer of these products, thanks to the high demand from its construction and reconstruction industries, which have several ongoing projects across the globe.
The global TMT steel market is driven by the increase in demand for reasonably priced reinforcement bars that are used in construction projects such as residential, commercial and infrastructure projects.
TMT Steel Market
The TMT steel bar market is segmented by diameter, by application, by grade, and by region. On the basis of diameter, the TMT steel bar market is divided into 68 mm, 812 mm, and 12 mm & above. By application, TMT steel bar is classified into residential, commercial, and infrastructure applications. According to grade, TMT steel bar is bifurcated into FE-415, FE-500, FE-550, FE-600, and others. Geographically TMT Steel Bar market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
It is heartening to note that in addition to the major steel producers, a few medium and small steel manufacturing companies from India have also participated in the export TMT steel bars and other steel products.