India’s crude steel output increased by 10% m-o-m in Jul ’20 to 7.577 mn t as the easing of restrictions revived domestic demand while exports remained buoyant.
Output fell by 20% compared with 9.485 mn t in Jul ’19, according to provisional JPC (Joint plant committee) data.
During Apr-Jul FY ’21, crude steel output was 23.86 mn t, down by 36% from 37.36 mn t in the corresponding period of the previous fiscal.
Finished steel exports fell by 11% in Jul’20
India’s finished steel exports reported a monthly decline of 11% at 1.375 mn t in Jul ’20. The announcement of unlocking in the country shifted the focus of Indian mills towards the domestic market. Also, restocking demand and tight supply in the domestic market resulted in lower exports in Jul ’20.
But, exports gained by 129% in Jul ’20 against 0.601 mn t in Jul ‘19.
In Apr-Jul FY ’21, total exports gained by 140% y-o-y to 4.640 mn t. Southeast Asian countries have remained the preferred destination for exporters since Apr ’20 with Indian offers being competitive against other exporting nations.
Finished steel imports up by 10% in Jul ‘20
Finished steel imports gained by 10% m-o-m to 0.293 mn t in Jul ’20 but it fell by 63% y-o-y.
In Apr-Jul FY ’21, imports declined by 42% to 1.51 mn t as compared to 2.59 mn t in a similar time frame of FY ‘20.
Finished steel consumption increases by 11% in Jul ‘20
India’s finished steel consumption gained by 11% m-o-m to 6.083 mn t in Jul ’20, but declined by 29% y-o-y.
During Apr-Jul FY ’21, consumption totalled to 17.22 mn t, down by 48% from 33.34 mnt in the same period of FY ’20.
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