India’s finished steel exports rose by 33% m-o-m to 0.58 million tonnes (mnt) in January 2023 from 0.44 mnt a month ago. Recovery in global steel prices since November last year and rollback of the 15% export duty in November 2022 boosted export bookings from India.
SteelMint’s HRC export index increased to $545/t, FOB in late November last year as compared to $518/t earlier in that month. Similarly, Chinese HRC export offers increased by $35/t to $550/t FOB during a similar time frame.
However, export volumes plunged by a steeper 28% y-o-y against 0.81 mnt in January 2022, as per provisional data released by the Joint Plant Committee (JPC). During the first ten months of FY23 (April 2022-Janary 2023), export volumes dropped by 52% y-o-y to 5.329 mnt from 11.142 mnt in the same period last year.
Crude steel production edges up 1% m-o-m in Jan’23
Crude steel production by Indian mills stood at 10.68 mnt in January 2023, up 1% from 10.57 mnt in December 2022. However, output fell y-o-y compared to 10.96 mnt a year ago.
Crude steel output volumes of all major primary mills showed an increase in January. In addition, Steel Authority of India Limited (SAIL) has recorded its best-ever monthly production in January 2023. The company achieved crude steel production of 1.72 mnt, hot metal production of 1.8 mnt and saleable steel production of 1.61 mnt in the past month, registering an impressive growth over the previous record achieved in March 2022.
During the first ten months of FY23, crude steel output rose 4% y-o-y to 103.18 mnt against 99.03 mnt in the same period last year.
Finished steel production marginally up in Jan’23
India’s finished steel production stood at 10.04 mnt in January, marginally up 1% m-o-m as against 9.98 mnt in December. Nevertheless, production fell 3% y-o-y compared to 10.309 mnt in the preceding year.
Finished steel production increased by 5% y-o-y to 98.26 mnt during April-January as against 93.41 mnt in the same period last year.
Finished steel consumption inches up 1% m-o-m in Jan’23
India’s finished steel consumption stood at 10.50 mnt in January, inching up by 1% m-o-m as against 10.39 mnt in December. In addition, consumption rose by 3% y-o-y compared to 10.229 mnt in the preceding year.
Finished steel consumption increased by 11% y-o-y to 96.38 mnt during the first ten months of FY23 as against 86.97 mnt in the same period last year.
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