Nation’s crude steel output reported a significant fall as the mills scaled down their operation due to announced lock down.
Indian steel producers churned out 2.752 MnT of crude steel in Apr’20, down sharply by 66% in contrast with 8.038 MnT a month ago, according to data released by Joint Plant Committee (JPC) Meanwhile, on an annual comparison, the crude steel output figures drop significantly by 70% against 9.021 MnT in Apr ’19.
Major steel manufacturers like JSW,ANMS, Tata Steel, and Govt owned SAIL had reduced their capacity utilization rate and had scaled down their operations production due to the lockdown. However, few of them have partially resumed their operations and will gradually ramp up their capacity as the lockdown eases.
Exports: On a monthly basis nation’s finished steel export slashed by 25% and stood at 0.429 MnT in Apr’20 when compared with 0.573 MnT in Mar’20.
–However, on a yearly comparison, the same tumbled by 17% as against 0.516 MnT in Apr ’19.
–Thus the country is a net exporter of total finished steel during April 20.
–Indian steel manufacturers have aggressively exported HRC to Vietnam and China owing to muted demand in the domestic market. Also cheaper HRC export offers continued to attract Chinese and Vietnamese buyers. Thus export figures are expected to increase next month.
Imports: On a monthly basis, the nation’s finished steel imports increased by 8% to 0.407 MnT in Apr’20 over 0.376 MnT in Mar’20.
–Meanwhile, the import figures plunged by 34% on a yearly basis in comparison with 0.619 in Apr’19.
Consumption- India’s finished steel consumption witnessed a tremendous decline by 90% M-o-M and stood at 0.699 MnT in Apr’20 as compared with 6.742 MnT in Mar’20.
–The annual fall in the consumption plummets by 91% in Apr’20 in contrast with 7.691 MnT in Apr’19.
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