Export of total finished steel saw an annual jump of 45 per cent to 0.778 million tonnes during October 2017, according to official data.
The overall exports of finished steel stood at 0.537 million tonnes in the same month last year, according to Joint Plant Committee’s latest report.
“Export of total finished steel was up by 57.7 per cent in April-October 2017 at 5.626 million tonnes over same period last year,” the report said.
However, on month-on-month basis, export in October 2017 (0.778 MT) was 30 per cent lower than 1.115 million tonnes in September this year, it said.
On the other hand, the imports grew 11.5 per cent to 0.600 million tonnes in October this year from 0.538 million tonnes in the same month a year ago.
“Import of total finished steel at 4.916 million tonnes in April-October 2017 was up by 18.9 per cent over same period of last year,” the report said.
However, on month-on-month basis, the overall import in October 2017 was down by 25.7 per cent over September 2017, it said, adding India remained net exporter of total finished steel last month and during April-October 2017.
The consumption of total finished steel in October 2017 grew by 5.5 per cent to 7.486 million tonnes from 7.093 million tonnes in the same month last year.
On month-on-month basis, the consumption in October was up by 1 per cent over September this year.
During April-October, “the consumption of total finished steel saw a growth of 4.5 per cent at 50.337 million tonne over same period of last year, under the influence of rising production for sale and imports,” the report said.
Empowered by the Ministry of Steel, the JPC is the only institution in the country which collects data on the Indian iron and steel industry.
India is the third largest producer of crude steel in the world after China and Japan. The country is now aiming to grab the second spot.
Source; The Hindu Business Line