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India reports 23.4% fall in finished steel exports in October

03 Dec 2018 Evaluate

Joint Plant Committee (JPC) has stated that India, the world's second-largest producer, reported 23.4% fall in finished steel exports to 0.596 MT in October 2018, comparing to same month last year's 0.778 MT. However, the imports rose by 17.3% to 0.706 MT in October 2018 from 0.602 MT in same month last year period.

As per JPC report, India attained finished steel output of about 11.029 MT in October marking a hike of 6.1% from 10.398 MT in same month of 2017, while the consumption of finished stood at 8.315 MT 2018, climbed by 8.4% over 7.672 MT in October 2017.

JPC is only institution that collects and maintains data on the Indian steel and iron sector. Steel minister of India had commented that India has to trim down its dependence on special steel product imports through value addition and form JVs (joint ventures) with global leaders for technological know-how. He also mentioned about importance of developing technologies to produce electrical grade and auto grade steel to become self-sufficient.

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