India’s finished steel exports stood at 0.655 mn t in Feb ’21, reported an increase by 25% against 0.523 mn t in the previous month, according to provisional data released by JPC (Joint Plant Committee).
Indian mills remained active in exploring export options on higher price realizations. Also, sluggish domestic demand and limited buying interest propelled Indian mills to shift their interest to exports.
Meanwhile, the same went up by 15% on a yearly basis against 0.570 mn t in Feb ’20.
During Apr-Feb ’21 nation’s export volumes surged by 22% to 9.492 mn t. Mills exported significant quantities of HRC mainly to China, Vietnam, UAE, and Europe during the lockdown in India.
Finished steel imports declined by 21% m-o-m in Feb ’21
The nation’s finished steel imports on a monthly basis, reported 0.460 mn t a decline by 21% m-o-m against 0.582 mn t in Jan ’21.
However, the same report surged by 15% in comparison with 0.401 mn t in the previous year.
Meanwhile, in Apr-Feb FY ’21, India’s finished steel imports slumped by 34% yearly to 4.252 mn t in comparison with 6.392 mn t in the same time period of the previous year.
Crude steel output down by 2% m-o-m in Feb ’21
Indian crude steel output down by 2% m-o-m to 9.798 mn t in Feb ’21 as compared with 10.014 mn t in Jan ’21.
However, the production increased by 4% y-o-y basis against 9.439 mn t in Feb ’20. Mills have ramped up their capacity utilization nearly to 93-96% post lockdown thus resulting in surge in output.
During Apr-Feb FY ’21, crude steel output stood at 93.105 mn t, down by 8% from 101.042 mn t in the corresponding period of the previous fiscal.
Finished steel consumption down by 6% m-o-m in Feb ’21
In Feb ’21, finished steel consumption was registered at 9.126 mn t, dropping by 6% m-o-m against 9.696 mn t in Jan’21.
Meanwhile the same reported an increase of 7% annually against 8.551 mn t in Feb ’20. Robust demand and double-digit growth in auto, white, and consumer durable goods lead to increased consumption.
During Apr- Feb FY ’21 consumption totalled 84.067 mn t, down by 11% from 93.959 mn t in the same period of FY ’21.
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