The production of crude steel in the first two months of the current fiscal stood at 16.391 million tonne (MT), up 4.5% year-on-year as compared to 15.683 MT production in the same period of last fiscal. Output in May was 8.163 MT, up 2.2%, from 7.989 MT a year ago, as per the latest Joint Plant Committee (JPC) report. However, on month-on-month basis, it was down 0.8 per cent over April, when the country had produced 8.228 MT.
The export of total finished steel was up by 69% at 0.641 MT in May, as against 0.379 MT in same month last year. However when compared to April 2017, it is a contraction of 14%. During the April-May period, exports grew 102% to 1.387 MT and imports fell 11.4% to 1.062 MT. The imports stood at 0.558 MT against 0.545 MT, up 2.4% over the May 2016. On month-on-month basis, it grew 10%.
India’s consumption of total finished steel saw a growth of 4.2% in April-May 2017 (13.785 MT) over same period of last year, under the influence of a rising production for sale.