Steel exports jumped by 145% y-o-y and imports fell by 33%, making India a net exporter of finished steel in Q1 FY’21.
India’s finished steel exports increased over two-folds in Q1 FY’21 and stood at 3.26 mn t as compared to 1.33 mn t in the similar time of previous year, as per data released by Joint Plant Committee. Thus the country remained a net exporter of total finished steel in Apr-Jun’ 20.
Meanwhile, on a monthly comparison basis, the same increased by 21% in Jun’20 to 1.55 mn t as against 1.28 mn t in May’20.
In the Apr-Jun quarter, Indian steel manufacturers have aggressively exported semi-finished and finished steel to China and SE Asian countries owing to dull domestic demand on imposed lock-down & active Chinese buying.
Nation’s crude steel output reduced by 43% in Q1 FY’21
Indian steel producers churned out 15.86 mn t of crude steel in Apr-Jun’20, down by 43% in contrast with 27.87 mn t in the corresponding time frame of the previous fiscal.
However, on a monthly basis, the same increased by 18% in Jun’20 to 6.83 mn t as compared to 5.80 mn t in May’20.
Nation’s finished steel imports dropped in Q1 FY’21
In Apr-Jun’20 imports fell by 33% to 1.21 mn t as compared to 1.80 mn t in a similar time frame last year. High imported prices and cheaper domestic availability restricted imports.
Also, on a monthly basis, the nation’s finished steel imports dropped significantly by 51% to 0.265 mn t in Jun’20 over 0.539 MnT in May’20.
Finished steel consumption plunged in Q1 FY’21
India’s finished steel consumption witnessed a tremendous decline by 57% Apr-Jun quarter and stood at 10.69 mn t as compared with 24.77 mn t at the corresponding quarter of previous fiscal.
On a monthly comparison, the consumption increased by 13% in Jun’20 to 5.089 mn t against 4.509 MnT in May’20. Easing lockdown measures led to resumption & gradual pick up of operations at auto companies, resulting in improved consumption.
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