- India’s finished steel imports increase marginally
- Crude steel, finished steel production decline m-o-m
- Finished steel consumption falls m-o-m
In April 2024, India’s finished steel exports sustained a notable decline of 40% m-o-m to reach 0.505 million tonnes (mnt), compared to March’s 0.842 mnt. Also, on y-o-y a sharp fall of 40.9% from 0.855 mnt was recorded in April 2023, as per provisional data released by the Joint Plant Committee (JPC) under the Ministry of Steel.
Various festivals around the globe kept the export markets in a slow down.
Finished steel imports see an increase m-o-m
Finished steel imports into India experienced an increase of 2.5% m-o-m to 0.585 mnt in April 2024 as compared to 0.571 mnt in March 2024. However, imports rose by 27.2% y-o-y from 0.460 mnt in April 2023.
The influx of competitively priced steel from China and South Korea has slowed down.
Crude steel production falls m-o-m
Crude steel production fell by 6.2% m-o-m from 11.918 mnt in April 2024 to 12.709 mnt in March 2024. Moreover, production displayed a y-o-y growth of 2.4%, surpassing 11.641 mnt produced in April 2023.
Finished steel production declines m-o-m
India’s finished steel production experienced a decline of 9.1% m-o-m to 11.215 mnt in April 2024 as compared to 12.343 mnt in March 2024, while maintaining inching up y-o-y by 1.5%, surpassing the 11.053 mnt produced in April 2023.
Several primary mills had conducted maintenance on their hot strip mills (HSM) and cold rolling mills (CRM). Additionally, several TMT manufacturers had implemented production cuts, resulting in a reduction in finished steel production.
Finished steel consumption falls m-o-m
India’s finished steel consumption fell by 9.7% in April 2024, reaching 11.075 mnt from 12.259 mnt in March 2024. On a y-o-y basis, consumption grew by 9.4% compared to 10.122 mnt in April 2023.
