India: Finished Steel Exports Surge 28% in Apr-Oct '19 - Govt Data
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Joint Plant Committee (JPC) released its provisional data for Oct'19 today. According to the released data, India's finished steel exports accounted for 4.885 MnT during (Apr-Oct) FY'20 up by 28% in comparison with 3.826 MnT in the corresponding period of FY'19.
Indian steel mills are aggressively exporting HRC to Vietnam at competitive prices owing to unsold stocks present in the domestic market. Meanwhile, falling steel prices and bleak market outlook with subdued demand resulted in increased bookings for exports in the global market. Thus India has turned out to be a net exporter of finished steel during the current fiscal.
However, the nation's finished steel exports moved down by 7% M-o-M basis to 0.950 MnT in Oct'19 as compared to 1.019 MnT in the preceding month. Owing to festive season witnessed in the month of October nation's export volumes reported decline on a monthly premise.
India finished steel imports inch down in Apr-Oct '19- During (Apr-Oct) FY'20, India imported 4.648 MnT of finished steel inching down by 1% in contrast with 4.680 MnT in the same time frame of the previous fiscal. Competitive domestic offers, dull demand, and ongoing safeguard investigations kept imports low.
However, on a monthly premise, the nation's finished steel imports witnessed a growth of 12% to 0.630 MnT in Oct'19 over 0.565 MnT in the previous month.
India crude steel output up by 1% in Apr-Oct'19- During (Apr-Oct) FY'20, crude steel production accounted for 64.102 MnT up by 1% as compared with 63.318 MnT in a similar time frame of the preceding fiscal.
Indian steel producers churned out 8.967 MnT of crude steel in Oct'19 largely stable on a monthly premise as against 8.960 MnT in Sep'19.
India's consumption of finished steel up by 4% in Apr-Oct '19- India's finished steel consumption moved up by 4% and stood at 59.231 MnT in (Apr-Oct) FY' 20 as compared to 56.823 MnT in the same time frame of the previous fiscal.
India's finished steel consumption stood at 8.394 MnT in Oct'19, increased marginally by 4% M-o-M basis as against 8.080 MnT in Sep' 19.
