Steel ex­ports surge 69%, im­ports up 2.4% in May

Resource Digest - - CONTENTS -

In­dia's steel ex­ports jumped by 69 per cent in May to 0.641 mil­lion tonnes (mt) over the same month last year while im­ports were up by 2.4 per cent, ac­cord­ing to a Steel Min­istry re­port. Ex­port of to­tal fin­ished steel was up by 102 per cent in April-may 2017 to 1.387 mt over the same pe­riod last year.

“The over­all ex­port in May at 0.641 mt was down by 14.1 per cent over April 2017 but was up by 69 per cent over May 2016," said the Joint Plant Com­mit­tee re­port. Im­port of to­tal fin­ished steel, at 1.062 mt in the first two months of the cur­rent fis­cal, de­clined by 11.4 per cent over the same pe­riod last year.

"Over­all im­ports in May 2017, at 0.558 mt, were up by 10.7 per cent over April 2017 and were up by 2.4 per cent over May 2016," it said. In­dia's con­sump­tion of to­tal fin­ished steel, at 13.785 mt, saw a growth of 4.2 per cent in the first two months of the cur­rent fis­cal over the year-ago pe­riod, un­der the in­flu­ence of ris­ing pro­duc­tion for sale. Last month, over­all con­sump­tion stood at 7.491 mt, up by 1 per cent over the cor­re­spond­ing month last year. In May, pro­duc­tion for sale of to­tal fin­ished steel, at 9.066 mt, reg­is­tered a growth of 4.4 per cent over the cor­re­spond­ing month last year.

Pro­duc­tion was, how­ever, up by 7 per cent over April 2017. SAIL, RINL, TSL, Es­sar, JSWL and JSPL to­gether pro­duced 10.234 mt dur­ing the April-may pe­riod of the cur­rent fis­cal, which was a growth of 15 per cent over the same pe­riod last year, the re­port said. An amount of 9.082 mt came from the other pro­duc­ers, which was a growth of 0.1 per cent over same pe­riod last year, it added.

Mean­while, the Union Cab­i­net last month gave its ap­proval to the Na­tional Steel Pol­icy 2017, which pro­jected crude steel ca­pac­ity of 300 mil­lion tonnes (mt), pro­duc­tion of 255 mt and a ro­bust fin­ished steel per capita con­sump­tion of 158 kg by 203031, as against the cur­rent con­sump­tion of 61 kg. Ac­cord­ing to the pol­icy, the 300 mt of steel mak­ing ca­pac­ity would trans­late into ad­di­tional in­vest­ment of Rs 10 lakh crore by 2030-31.

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