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Steel News January 27, 2020 12:30:37 PM

India’s Steel Exports to be Hampered by Rising Domestic Demand

Paul Ploumis
ScrapMonster Author
The worst is behind and a better demand is expected from auto and infrastructure companies in FY2021.

India’s Steel Exports to be Hampered by Rising Domestic Demand

SEATTLE (Scrap Monster): Analysts predict huge decline in steel exports from India during the next financial year beginning April 2020. The export volumes are likely to be impacted by higher domestic demand for steel products from domestic automotive and infrastructure markets.

According to provisional trade figures published by the Joint Plant Committee (JPC), the finished steel exports by the country during the initial nine-month period (April ’19 to December ’19) of the ongoing fiscal year totalled 6.5 million tonnes. This is slightly higher when compared with the exports of 6.36 million tonnes during the similar nine-month period during the fiscal year before that.

ALSO READ: India's Domestic Steel Demand Slowed Down in Q2FY20

As per analysts, the auto sector has had one of the worst periods in the last nine months. The worst is behind and a better demand is expected from auto and infrastructure companies in FY2021.

Meantime, PK Rath, Chairman and Managing Director, Rashtriya Ispat Nigam Limited (RINL) said that the central government’s decision to invest around INR 1 lakh crore in infrastructure projects over the next five years is likely to boost steel sector improvement. The decision is likely to lead to significant increase in the per capita steel consumption of the country, he added.

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