Three-fold increase registered by India’s steel exports in January

Three-fold increase registered by India’s steel exports in January

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three-fold increase

In January this year, a three-fold increase to 0.889 million tonne (MT), compared to the year-ago period was registered by India’s steel exports.

In the midst of the government providing extensive support to the domestic steel industry by way of various trade remedial measures including anti – dumping, the massive jump in exports comes.

In the first 10 months of the current fiscal, the country shipped out 5.865 MT, registering an increase of 71%.

According to a Joint Plant Committee data, “Exports in January, 2017 (0.889 MT) was up 224% over January 2016 and was up by 19% over December 2016.”

In January 2016, the country’s steel export was 0.274 MT, the data further revealed.

“Export of total finished steel was up by 71.1% in April-January 2016-17 (5.865 MT) over the same period of last year,” the data showed.

In April-January 2016-17 over the same period of last fiscal, import of total finished steel declined by 37.8% to 6.097 MT. Imports in January 2017 (0.602 MT) was down by 41.7% over January 2016 and by 21% over December 2016. In April-January 2016-17 at 68.892 MT over same period of FY16 Total finished steel consumption of India saw a growth of 3.5%.During April-January 2016-17, registering a growth of 9% over the same period of last fiscal, crude steel production was 80.716 MT. In January 2017, overall crude steel production stood at 8.367 MT which was up by 11.5% over January 2016 but declined by 0.4% over December 2016.

“SAIL, RINL, Tata Steel Ltd, Essar, JSW Steel Ltd and JSPL together produced 45.18 MT during April-January 2016-17, which was a growth of 16.4% compared to same period of last year,” the data said.

During April-January FY17, hot metal production was at 53.598 MT, a growth of 10.5% over the same period of last year.

News Source:  economictimes.indiatimes.com

Picture Source: google.co.in

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