India's finished steel export slides over 30% in Jan

New Delhi India’s export of finished steel shrank by over 30 per cent to 0.616 million tonnes (MT) during January 2018, according to the government’s Joint Plant Committee (JPC).

The country had exported 0.890 MT of finished steel during the same month a year ago.

Exports should account for 6-7 per cent of India’s total steel production in the next few years, up from the 1.5 per cent at present,

Union Steel Minister Chaudhary Birender Singh had earlier said.

The import of finished steel too fell by 44.5 per cent to 0.335 MT in January 2018 from 0.604 MT during January 2017.

In spite of a drop in exports number as well as imports, India managed to maintain its position as a net exporter of finished steel.

“India was a net exporter of total finished steel in January 2018 as also during April-January 2017-18,” the JPC said.

However, for April-January 2018, the data compiled by the JPC–the only organisation to maintain a record on steel and iron sector shows a rise 40.2 per cent at 8.22 MT, as against 5.86 MT of finished steel exported during the same period in the ten-month period a year ago.

The imports of the total finished steel during the 10-month period grew 5.5 per cent to 6.43 MT as against 6.09 MT during the same time in the previous fiscal.

Country’s production of total finished steel during last month rose by 5.7 to 9.54 MT over January 2017. The production during April-January 2017-18 also jumped 5.3 per cent to 88.59 MT over the same period last year. The overall consumption in January 2018 was at 7.63 MT was up by 6.8 per cent over January 2017.

The per capita steel consumption is about 63 kg, the aim of the government is to take it to 160 kgs by 2030-31.