JPC: India's Finished Steel Exports Soared by 17% in FY 18
Steel News | 2018-05-08 07:53:49
Also, the country produced a total of 104.996 Mt of finished steel during the previous fiscal.
By Paul Ploumis
SEATTLE (Scrap Monster): The latest official report published by the Joint Plant Committee (JPC) suggests considerable jump in total exports of finished steel from India during the previous fiscal year ended March 31st, 2018.
India exported 9.621 million tonnes (Mt) of finished steel during the fiscal 2017-’18. The exports surged higher by 16.7% when compared with the previous fiscal. India had exported only 8.242 Mt of finished steel during 2016-’17 fiscal, JPC report noted. Out of the total exports of 9.621 Mt, exports of non-alloy steel totaled 8.727 Mt, whereas the balance 894,000 tonnes were alloy steels including stainless steel.
The finished steel exports totaled 708,000 tonnes during the month of March this year. The monthly exports declined sharply by 56.3%, when compared with the exports of 1.621 Mt during the same month a year before.
The imports of finished steel by the country too witnessed notable jump during the last fiscal. The finished steel imports totaled 7.482 Mt in the fiscal 2017-’18, reporting year-on-year jump by 3.5% over the preceding fiscal. The Indian finished steel imports had totaled 7.226 Mt during 2016-’17 fiscal. Meantime, the monthly imports dropped significantly by nearly 20% from around 600,000 tonnes in March 2017 to 482,000 tonnes in March this year.
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According to JPC report, the non-alloy segment accounted for 5.636 Mt out of the 7.482 Mt of imports during the previous fiscal, whereas the imports of alloy steel including stainless steel totaled 1.846 Mt.
Also, the country produced a total of 104.996 Mt of finished steel during the previous fiscal. The production grew marginally by 3.1%. The contribution of the non-alloy steel segment stood at 95.004 Mt, whereas the balance 9.992 Mt represented the alloy steel segment including stainless steel. The overall production of finished steel for sale totaled 9.649 Mt in March 2018, higher by 5.7% over March last year.
