Overtaking imports, India's steel exports jumped by 102.1 per cent in 201617 to
8.24 million tonnes (mt), as compared to 4.07 mt shipped out in the previous financial year
(201516), according to a Steel Ministry's report.
"Export of total finished steel was up by 102.1 per cent in AprilMarch 201617 at 8.24 mt
over same period of last year. Export in March 2017 at 1.62 mt was up by 363 per cent over
March 2016 and grew by 114 per cent over February 2017," said the report of Joint Plant
Committee.
"Since domestic consumption is not picking up well, steel producers have been given thrust on exports. Such trend is expected in 201718
because of brownfield expansion of steel in India. Steel producers, including SAIL, have been drawing up big plans for exports," Institute
for Steel Development and Growth's Director General Sushim Banerjee told IANS on Wednesday.
India has become a net exporter of steel in 201617 as imports fell gradually.
According to provisional data, imports of total finished steel stood at 7.42 mt in 201617, declining by 36.6 per cent from 11.71 mt of
imports in 201516. Imports in the last month at 0.8 mt were down by 19.7 per cent over the corresponding month of previous fiscal, but up
by 51.8 per cent over February 2017.
According to the report, India's consumption of total finished steel at 83.93 mt saw a growth of three per cent in 201617 as against 81.52
mt in 201516.
Consumption in March only at 7.98 mt was up by 2.2 per cent over corresponding month last year but increased by 13.4 percent over
February, 2017.
"Unless investments come in the infrastructure projects, domestic consumption will not rise sharply. In fact, steel intensity to GDP has
come down," Banerjee said.
Production for sale of total finished steel at 101.27 mt registered a growth of 11.3 per cent during 201617, compared to 90.98 mt in the
previous fiscal. In fact, crude steel production grew by 8.5 per cent in 201617.
Overall finished steel production for sale was at 9.75 mt in March, 2017, up by 17.4 per cent over yearago month and grew by 14.6 per
cent over February 2017, the report added.
Source: Economic Times