According to Mining News Pro -According to provisional data released by Joint Plant Committee (JPC), govt of India, country’s finished steel imports stood at 0.706 MnT in Oct’18 compared to 0.675 MnT in Sep’18. Constant decline in global HRC export offers from major exporting nation like China, Japan and Korea and diversion of trade volumes post imposition of USA trade tariffs results to surge in steel imports to India.
During Apr-Oct’18 nation’s finished steel imports stood at 4.707 MnT less by 4.3% against corresponding time frame of previous year.
As per reports, Indian steel ministry is considering hike in import duty on steel products to 15%, however no further development regarding this was heard further.
Indian finished steel exports rose by 4% M-o-M in Oct’18-India exported 0.596 MnT of finished steel which increased by 4% in Oct’18 as compared to 0.575 MnT in previous month. During Apr-Oct’18, Indian finished steel export volumes stood at 3.74 MnT, down by 33.6% Y-o-Y.
Amid rupee depreciation against USD, Indian steel mills started exporting huge quantities to South East Asian markets in Aug and Sept to gain higher profit margin by selling cargoes to overseas nations.
Thus India continued to remain net importer of finished steel during Apr-Oct’18.
India’s crude steel output grew by 4% in Oct’18- According to provisional data released by Joint Plant Committee, India’s crude steel output recorded growth of 4% in Oct’18 at 8.82 MnT against 8.778 MnT in previous month.
However on yearly basis the same inch up 1% in Oct’18 over Oct’17.
During Apr-Oct’CY18 nation’s crude steel output stood at 61.08 MnT,growth of 5% against similar time frame of previous year.
SAIL, RINL, TSL, Essar, JSWL & JSPL together produced 36.587 MnT crude steel during Apr-Oct’18 higher by 9.3% compared to similar time frame of previous year.
During Apr-Oct CY’18 country’s finished steel volumes stood at 3.737 MnT decline by 34% against similar time frame of previous year.
India’s consumption of finished steel inch up in Oct’18- India’s finished steel consumption inch up by 1% to 8.315 MnT in Oct’18 which was 8.218 MnT in Sep’18
Meanwhile on yearly basis the same witness the growth of 8.4% in Oct’18 over Oct’17.
During Apr-Oct’18 finished steel consumption grew by 8% to 56.06 MnT as compared to similar time period of previous year.