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Indian finished steel exports up 64%; imports rise 42% in July

India’s export of finished steel surged by 64.2% to 0.770 million tonne in the month of July against the 0.469 million tonne in the same month a year ago, according to a report.

On the other hand, finished steel imports also jumped by 42.2% at 0.798 million tonne in the said month this year against the 0.561 million tonne last year, said the report by Joint Plant Committee (JPC), which gathers data on iron and steel sector in India.

“India was a net importer of total finished steel in July 2017 but maintained its net exporter status for the cumulative period, i.e. during April-July 2017,” it said.  During April-July period this year, exports of total finished steel were increased by 65.5% to 2.807 million tonnes as compared to 1.696 million tonnes in the same period last year, the report said.

The imports of total finished steel were 2.505 million tonne in April-July period, an increase of 4.7%, as compared to 2.393 million tonnes during the same period a year-ago, it added.

The total finished steel consumption increased by 3.7% to 6.905 million tonne in July this year from 6.660 million tonne in July 2016.

However, the overall consumption finished steel was declined by 4.2% in July from 7.210 million tonne in June 2017, said the report.

During April-July period this year, total finished steel consumption in the country surged by 4.4% to 27.911 million tonne as compared to 26.736 million tonne in the corresponding period last year, on account of rising output for sale and imports, it said.

India is the third largest country in the production of crude steel followed by China and Japan.