The Dec’25 spike largely reflected front-loading ahead of new export licence and compliance requirements effective in 2026, prompting exporters to accelerate shipments to mitigate regulatory uncertainty.
At the same time, persistently weak domestic demand—linked to ongoing stress in the property sector and uneven construction activity—continued to incentivise mills to divert output abroad to manage inventories and sustain utilisation rates, amplifying the year-end export surge.
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