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Finished steel export shrinks by over 30% in January

19 Feb 2018 Evaluate

According to reports of the government's Joint Plant Committee (JPC), India's export of finished steel shrank by over 30% to 0.616 million tonnes (MT) during January 2018. The country had exported 0.890 MT of finished steel during the same month a year ago. The import of finished steel too fell by 44.5% 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.

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% 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% to 6.43 MT as against 6.09 MT during the same time in the previous financial year. 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% 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% 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.

 

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