India: Finished steel imports rise over 18% m-o-m in July 2024 - JPC

• Imports increase while exports decline
  
  
• Crude and finished steel production rise
  
  
• Finished steel consumption grows
  
  

According to the Joint Plant Committee (JPC), India's finished steel imports surged 18.1% m-o-m in July 2024 reaching 0.751 million tonnes (mnt) compared to 0.636 mnt in June. This shows a 22.5% y-o-y increase from 0.613 mnt recorded in July 2023.

From April to July 2024, finished steel imports rose by 31.5% y-o-y to 2.694 mnt compared to 2.048 mnt in the same period last year.

Finished steel exports decline m-o-m

India's finished steel exports fell for the third consecutive month in July, dropping by 14.6% m-o-m to 0.293 mnt from 0.343 mnt in June. Y-o-y, exports decreased 52.1% from 0.611 mnt in July 2023, according to provisional data from JPC.

The cumulative export volume in April-July 2024 declined by 41% y-o-y to 1.571 mnt compared to 2.661 mnt during the same period last year.

Crude steel production increases m-o-m

Crude steel production rose by 2.2% m-o-m to 12.339 mnt in July 2024, up from 11.505 mnt in July 2023, reflecting a 7.3% y-o-y growth.

In April-July 2024, cumulative crude steel output increased 5.1% y-o-y to 48.881 mnt compared to 46.511 mnt in the same period of last year.

Finished steel production increases m-o-m

India's finished steel production increased 3.9% m-o-m in July reaching 11.781 mnt compared to 11.336 mnt in June. This represents a robust 7% y-o-y growth from 11.015 mnt in July 2023.

For the period April-July 2024, cumulative finished steel production grew 5% y-o-y to 46.664 mnt, up from 44.442 mnt during the same period last year.

Finished steel consumption increases m-o-m

Finished steel consumption increased 2.4% m-o-m in July 2024 reaching 12.297 mnt from 12.009 mnt in June. Y-o-y, consumption rose by 14.6% compared to 10.733 mnt in July 2023.

The total finished steel consumption in April-July 2024 climbed to 47.753 mnt, marking a 14.9% increase from 41.566 mnt recorded during the same period of last previous year.