India’s finished steel exports which stood at 0.58mn t in Jan ’21 reported a decrease by 16% y-o-y against 0.69 mn t in Jan ’20, according to provisional data released by JPC (Joint Plant Committee). Sequentially, it was down 6% against 0.62 mn t on Dec ’20
Steelmakers were highly focused on domestic sales on robust domestic demand. Since Jul ’20 onwards mills have significantly raised HRC prices in the domestic market amid supply constraints and better domestic sales. This resulted in a significant drop in export volumes.
However, in Apr-Jan ’21 nation’s export volumes surged by 23% to 8.84 mn t. Mills exported significant quantities of HRC mainly to China, Vietnam, UAE, and Europe during the lockdown in India.
Finished steel imports up 10% y-o-y in Jan ’21
The nation’s finished steel imports surged by 10% to 0.52 mn t in Jan ’21 in comparison with 0.48 mn t in the previous year.
Sequentially the same reported an increase by 2% against 0.51 in Dec ’20.
In Apr-Jan FY ’21, India’s finished steel imports slumped by 37% to 3.79 mn t in comparison with 5.99 mn t in the corresponding period of the previous year.
Crude steel output up 7% y-o-y in Jan ‘21
Indian crude steel output increased by 7% to 9.98 mn t in Jan ’21 as compared with 9.31 mn t in Jan ’20. Mills have ramped their capacity utilization to 97% post lockdown resulting in a surge in output.
Sequentially the output increased by 2% m-o-m against 9.80 mn t in Dec ’20.
During Apr-Jan FY ’21, crude steel output was 82.71 mn t, down by 10% from 91.60 mn t in the corresponding period of the previous fiscal. Major Indian steel mills had reduced their capacity utilization rate owing to the pandemic.
Finished steel consumption increases 9% y-o-y in Jan ’21
In Jan ’21, finished steel consumption stood at 9.97 mn t, marking a growth of 9% y-o-y against 9.17 mn t in Jan ’20. Robust demand and double-digit growth in auto, white and consumer durable goods led to increased consumption.
Sequentially, finished steel consumption in Jan ’21 registered a growth of 3.0% over Dec ’20.
During Apr-Jan FY ’21 consumption totaled 74.58 mn t, down 13% from 85.41 mn t in the same period of FY ’21.
Leave a Reply