India’s finished steel exports stood at 0.59 mn t in Nov’20 reported a decline by 31% against 0.86 mn t in Nov’19, according to provisional data released by JPC (Joint Plant Committee) .
Major Indian steel mills have shifted their focus to domestic sales over exports on tight supply and robust demand from the auto and consumer durable sector. Thus mills have limited export allocations amid higher realizations in the domestic market.
However, the nation’s monthly export volumes increased by 8% at 0.59 mn t in Nov’20 against 0.55 mn t in Oct’20.
During Apr- Nov FY ’21, total exports gained by 34% y-o-y to 7.67 mn t.
Finished steel imports down by 18% y-o-y in Nov‘20
Nation’s finished steel imports slumped by 18% on a yearly basis to 0.35 mn t in Nov’20 in comparison with 0.429 mn t in the previous year. Also on monthly basis the same reported decline by 3% m-o-m against 0.362 in Oct’20
In Apr-Nov FY ’21, imports declined by 47% to 2.69 mn t as compared to 5.07 mn t in a similar time frame of FY ‘20.
Crude steel output up by 3% y-o-y in Nov’20
Indian crude steel output up by 3% to 9.17 mn t in Nov’20 as compared with 8.933 mn t in Nov’19.However, on a monthly basis, the output increased by slightly by 1% m-o-m against 9.05 mn t in Oct ’20.During Apr-Nov FY ’21, crude steel output was 62.01 mn t, down by 15% from 72.91 mn t in the corresponding period of the previous fiscal.
Finished steel consumption increases by 11% y-o-y in Nov’20
India’s finished steel consumption increased by 11% y-o-y to 8.62 mn t in Nov’20 against 7.76 mn t in the previous year. Meanwhile the same remained largely stable against 8.60 mn t in Oct ’20. During Apr-Nov FY ’21 consumption totaled to 53.38 mn t, down by 21% from 67.58 mn t in the same period of FY ’20.
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