India's overall exports of finished steel, jumped by 45 percent to 0.778 Million Tonne (MT) in October 2017, as compared to 0.537 MT in the same month last year. According to the report by Joint Plant Committee (JPC), which collects data on iron and steel industry in the country, during April- October 2017, export of total finished steel was up by 57.7 percent at 5.626 MT over the same period last year. However, the report pointed out that, on a monthly basis, export in October 2017 was 30 percent lower than 1.115 MT in September this year.
The report also stated that the import of finished steel also surged by 11.5 percent at 0.600 MT in October 2017 compared to 0.538 MT in the same month last year. It noted that import of total finished steel at 4.916 MT in April- October 2017 was up by 18.9 percent over the same period of last year. However, on a month-on-month basis, the overall import in October this year was down by 25.7 percent over September 2017. Besides, it mentioned that India remained a net exporter of total finished steel last month and during April-October 2017.
As per the report, the consumption of total finished steel grew 5.5 percent to 7.486 MT in October 2017 over 7.093 MT in October last year. It noted that on a month-on-month basis, the consumption in October was up by 1 percent over September this year. It also showed that during April- October 2017, the consumption of total finished steel in India rose by 4.5 percent to 50.337 MT over the same period of last year, under the influence of rising production for sale and imports. India is the world's third largest producer of crude steel after China and Japan. The country is now aiming to grab the second spot.