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Steel News July 23, 2018 02:30:41 PM

Finished Steel Exports by India Collapsed 33% in Q1 This Fiscal

Paul Ploumis
ScrapMonster Author
The Indian steel sector prospects remain bright, led by strong domestic demand.

Finished Steel Exports by India Collapsed 33% in Q1 This Fiscal

SEATTLE (Scrap Monster): The most recent report published by India’s Joint Plant Committee (JPC) suggests considerable decline in finished steel exports by the country during the first quarter of the current fiscal. The exports fell by almost one-third during Apr-June ’18, as compared with the corresponding quarter in 2017. The exports totaled only 1.351 million tonnes (Mt), as against 2.037 Mt during the previous year. The exports registered year-on-year decline by 33.7%.

The country’s total finished steel output for sale during the quarter was 26.720 Mt, notably higher by 4.4% over the previous year. The production had totaled only 25.605 during the corresponding three-month period last year. The exports accounted for just above 5% of the total production. Earlier, the Indian Steel Ministry had set target to export at least 6-7% of its total steel production.

ALSO READ: Steel Industry Likely to Play Critical Role in Reducing Import Bill

Meantime, the finished steel imports by the country recorded nearly 11% surge during the Apr-June quarterly period of fiscal 2018-’19. The imports totaled 1.893 Mt, as compared with the imports of 1.707 Mt during the year-ago period. Also, finished steel consumption recorded growth by 8.4% to 23.422 Mt as against 21.598 Mt, primarily on account of rising supply side due to increased domestic production and imports.

The Indian steel sector prospects remain bright, led by strong domestic demand. Recently, BHP Billiton had predicted that Indian steel demand is likely to double to 170 Mt by 2025. In the immediate near term, prices may witness slight pullback due to slowdown in construction activities, owing to monsoon season. It must be noted that the domestic steel prices in India have been on continuous uptrend since November last year.

The National Steel Policy (NSP) 2017 aims at achieving a steel capacity of 300 Mt by 2030-’31 and doubling of per capita steel consumption to 158 kilograms.

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